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Image Credit: Octopus Electric Vehicles
Octopus Electric Vehicles has been named the recommended salary sacrifice provider for HSBC UK’s business clients, solidifying a growing partnership between two major household names. The collaboration empowers businesses to offer employees a seamless transition to electric vehicles (EVs), benefiting their bottom line and environmental impact.
Octopus’ salary sacrifice scheme operates much like the cycle-to-work program—but for cars. Through this all-in-one package, employees can save up to 40% on a brand-new EV every month. The package includes the vehicle, a home charger, and a discounted energy tariff. The program is designed for simplicity and enables businesses to boost employee satisfaction while cutting costs and carbon emissions.
The potential impact is significant: for every employee who switches from a petrol or diesel vehicle to an EV, businesses can reduce carbon emissions by up to 2.5 tonnes annually. Charging on Octopus’ Intelligent Octopus Go tariff adds further savings, slashing fuel costs by up to £750 a year compared to fossil fuel alternatives.
Octopus Electric Vehicles has already helped more than 5,500 companies implement EV benefit schemes, including high-profile clients like PepsiCo, WPP, and Luceco. Salary sacrifice stands out as one of the most lucrative employee benefits, appealing to 75% of employees prioritising financial savings in workplace perks.
This initiative also strengthens companies’ ability to attract and retain top talent in a competitive market, as offering green, cost-saving benefits becomes a key differentiator.
The announcement builds on a strategic partnership formed in 2022 when HSBC UK provided funding to Octopus to expand its EV fleet. This latest development represents the next phase in their long-term alliance, aligning with HSBC UK’s commitment to sustainable product offerings and Octopus’ mission to accelerate green driving adoption.
As the partnership deepens, both brands drive the UK closer to a greener future—one electric vehicle at a time.
Fiona Howarth, CEO at Octopus Electric Vehicles, commented: “Salary sacrifice is the cheapest way to pick up a new EV. However, the benefits are not exclusively for drivers, but for their employers too. Companies are able to cut their emissions, help retain staff by offering a brilliant perk, and save money. By partnering with HSBC UK, we hope to make businesses of all sizes aware of one of the most attractive business perks around right now.”
Robert King, UK Head of Commercial Banking Sustainability at HSBC UK, said: “Supporting the transition to net zero is a vital part of our UK strategy. The Octopus EV salary sacrifice scheme is a great example of how we work with our partners to deliver innovative solutions to our customers, in this case offering a more sustainable travel alternative for our clients and employees at a reduced cost.”
A new survey commissioned by Octopus Electric Vehicles reveals overwhelming satisfaction among electric vehicle (EV) drivers, with 96% saying they will likely choose an EV as their next car. The findings underscore the growing popularity of EVs as their market share of pure electric models approaches 20%, with over one million now on UK roads.
Industry experts predict that by 2028, the UK will see an additional 500,000 EVs hitting the roads yearly, driven by solid market momentum and supportive government policies. Initiatives such as salary sacrifice schemes and low Benefit-in-kind (BiK) tax rates have significantly fostered this growth, making EV ownership more accessible and financially attractive.
Britain’s thriving EV sector highlights the success of these incentives in encouraging the transition to cleaner transportation. With satisfaction rates among EV drivers soaring, the country is poised for continued rapid adoption of electric vehicles, solidifying its leadership in the green mobility revolution.
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