New 'Pay as you Drive' flexible finance in partnership with Octopus

A flexible finance option for all customers looking at purchasing the new TX electric taxi

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31 May 2019

  • LEVC has partnered with Octopus Group to provide a flexible 'pay as you drive' finance option for all customers looking at purchasing the new electric taxi (TX).
  • This finance product has been approved by the Islamic Council of Europe and is the first Sharia compliant finance product available to fund the iconic TX vehicle.
  • In addition to the pay as you drive finance product, Octopus also offers a range of servicing and warranty packages to suit the requirements of each driver.
  • Drivers will also be given the option to switch their home energy supplier to 'Octopus Energy' to receive a free installation of a home charger for their TX.

​LEVC today announced that it has entered into a strategic partnership with Octopus Group enabling its customers thinking about purchasing TX (the electric taxi) to benefit from their new ‘pay as you drive’ finance offering. Unlike the more traditional financing options, the pay as you drive product means that drivers will only pay for their vehicle when they are actually driving it. While there are minimum mileage requirements, Octopus highlights that one of the benefits for drivers is being able to take a holiday “without having the weight of a fixed payment on your shoulders”.

Mohammed, one of Octopus’ first drivers based in Coventry, said: 

“As a well-established driver on the road in Coventry for more than 15 years, I was really keen on switching to an eco-friendly taxi. However, until now, due to my faith, I couldn’t access traditional forms of finance. Finally, thanks to Octopus, I have been able to get a new electric cab and I absolutely love it - it’s great that this finance is Sharia-compliant as it’s really flexible with my lifestyle too! I also find that the significant fuel savings I can achieve in the long-term will offset the price tag on the cab.”

​In addition to the flexibility the pay as you drive finance option gives drivers, Octopus also offers a variety of different servicing, warranty and road side assistance packages. As standard, all warranty packages include a 5-year / unlimited mileage battery warranty and there is an optional 5 year / 150,000-mile service plan. To add to this, drivers will receive free installation of a home charger for their TX if they choose to switch their home energy supply over to Octopus Energy, which is part of the Octopus Group​.

For taxi drivers who may be interested in the finance product, Octopus has an online calculator that lets drivers produce a tailored quote based on their current annual mileage.

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Dan Saunders, Investment Director at Octopus, said:

The need for clean and sustainable transport has never been greater. We are excited to be helping UK taxi drivers make the switch to zero emission cabs and supporting the delivery of a renewable future for the country. Every driver is different, but one thing we do know is that flexibility really matters. That’s why we created our pay as you drive solution, which fits around an individual driver’s lifestyle. Our offering is also Sharia compliant. The feedback from existing customers has been really positive, and we’re looking forward to helping many more drivers who want to go green with flexible financing.”

Leighton King, Head of Sales and Marketing, LEVC, said:

“Whilst we’ve been delighted with the demand for this fantastic new vehicle in all of our launch markets we are absolutely committed to ensuring that ALL taxi drivers and fleet operators can make the switch to zero emissions taxis. Doing so means bringing more innovative funding solutions to the market and I’m delighted that we can announce this new Pay as You Drive finance option. Owning your own TX is now a reality to more drivers and more fleet operators. Pay as You Drive links repayments with earnings so if you take a break from work then you’re not tied to finance payments. Pay As You Drive is also Sharia compliant which is something that we’ve never been able to offer before and something we believe is key for many taxi drivers”

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