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Octopus Electric Vehicles to grow salary sacrifice scheme with HSBC funding

Octopus launched its salary sacrifice scheme last year. Image: Octopus

Octopus launched its salary sacrifice scheme last year. Image: Octopus

New multi-million pound funding has been provided by HSBC UK to Octopus Electric Vehicles (EV) to support the growth of its salary sacrifice scheme, which it launched last year.

The scheme allows drivers to sacrifice some pre-tax salary in return for a new EV, with Octopus also offering a free home charger and 5,000 free miles on its EV tariff, Octopus Go, or 5,000 free miles on the Electric Juice Network for those without a driveway.

As well as the vehicle, the salary sacrifice scheme provides drivers with an all-in-one service, including insurance, tyres, MOT and roadside assistance from the AA.

The new funding will be used to finance the fleet of electric cars for clients that are offering EVs, with Octopus having plans to expand its fleet size 10 fold year-on-year.

Customers will be able to choose from over 65 models of brand new cars across over 25 brands as part of the scheme.

Fiona Howarth, CEO of Octopus Electric Vehicles, said: "Our EV salary sacrifice scheme puts employers at the heart of helping their team discover EVs, make the switch, save money and clean up local air. We’re delighted to be working with HSBC to help make this a reality for businesses and their employees across the UK.”

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