LEVC, the manufacturer of London’s iconic black cabs, is stepping up to offset the recent decrease in the Plug-in Taxi Grant (PiTG). The company has announced a new finance initiative offering a £1,500 deposit contribution on all new TX taxi models, effectively negating the impact of the PiTG reduction for potential buyers.
The PiTG, which previously offered up to £7,500 towards the purchase of a new electric taxi, dropped to £6,000 at the beginning of April 2024. LEVC‘s new scheme ensures a smooth transition for taxi drivers looking to switch to electric vehicles, despite the lower government grant.
The finance offer extends across all TX models and all financing options through LEVC Financial Services. Additionally, it includes a zero customer deposit and a subsidized APR of 10.51%, making electric taxis even more accessible for London’s taxi drivers.
This move comes as LEVC celebrates a major milestone: over half of London’s black cab fleet is now zero-emission capable, thanks in large part to the success of the TX electric taxi. Launched in 2018, the TX has become a global phenomenon, with over 10,000 units sold worldwide and a presence in more than 25 countries.
LEVC’s electric TX has demonstrably improved air quality in major cities. The company reports that their taxis have collectively traveled over 780 million miles, preventing the release of more than 240,000 tonnes of CO2 emissions.
“Demand for our award-winning TX continues to accelerate,” said Chris Allen, Managing Director of LEVC. “However, the recent PiTG reduction and high national interest rates present challenges for drivers looking to transition to new, green taxis. This new contribution and subsidized finance offer bridge the gap for our customers.”
Looking ahead, LEVC remains committed to supporting the transition to electric taxis. The company is actively engaged with the government to advocate for long-term support beyond the current one-year extension of the PiTG.
This announcement coincides with LEVC’s recent unveiling of their innovative Space Oriented Architecture (SOA). This new electric vehicle platform prioritizes maximizing interior space, paving the way for LEVC to expand beyond taxis and enter entirely new market segments with future zero-emission mobility solutions.
LEVC’s commitment to electric vehicles and its proactive approach to overcoming challenges faced by taxi drivers position the company as a leader in the green transportation revolution. With a proven track record of success and exciting new technology on the horizon, LEVC is well-positioned to shape the future of urban mobility.
