UK-based Lloyds Banking Group has teamed up with International Motors Limited (IML) to offer finance and leasing products for XPENG’s electric vehicles (EVs), marking XPENG’s entry into the UK market.
This partnership is part of XPENG’s strategy to expand its global and European presence.
The EVs will be offered through International Motors Finance, a collaborative venture between IML and Black Horse, the motor finance arm of Lloyds Banking Group.
Customers will have the option of hire or personal contract purchase, offering payment flexibility and choice, the bank said.
Additionally, XPENG vehicles in the UK will be accessible for personal contract hire or business contract hire through Lex Autolease, the bank’s motor leasing division.
The first model to be launched in the UK is the XPENG G6 coupe SUV, a zero-tailpipe emission mid-size SUV.
Lloyds Banking Group managing director for transport Nick Williams said: “As one of the largest finance providers for electric vehicles in the UK, our partnership with IML means that we are able to put even more people in the driver’s seat through flexible and affordable finance, supercharging the electric vehicle market with more choice and increased competition.”
International Motors Limited managing director William Brown said: “We are pleased to expand our partnership with Lloyds Banking Group and incorporate the exciting and innovative new XPENG brand.
“This support provides our future customers with secure and responsible motoring finance options from established partners, providing additional peace of mind for consumers when considering a new vehicle brand.”
In a separate news, Lloyds Banking Group recently increased its provision for potential car finance mis-selling compensation to £1.2bn, nearly tripling the funds set aside.
This move has affected the bank’s annual profits, which fell to £5.97bn from £7.5bn the previous year.
The bank has allocated an additional £700m on top of the £450m already earmarked.
Lloyds and other lenders are under scrutiny for whether they adequately disclosed commission payments to car dealers, potentially affecting millions of motorists.
