Businesses plan to spend an estimated £15.8 billion in electric vehicles (EVs) and charging infrastructure in the next 12 months.
A new report by Centrica Business Solutions says the projected investment is more than a 50% increase from last year’s total of £10.5 billion that was invested in EV technology by UK firms.
The research, which polled 200 businesses, suggests nearly 40% of those surveyed said they had boosted their EV fleet between April 2020 and March 2021.
Of these businesses, almost six-in-ten cited the need to meet corporate sustainability targets as the biggest driver for the upgrade of their vehicles.
The second biggest factor to influence their decision to invest was the disruption caused by low and zero emission driving zones.
Almost 51% said this factor motivated the move to EVs
Greg McKenna, Managing Director at Centrica Business Solutions, said: “The fact that firms are planning to increase their spending so dramatically over the next 12 months is proof that more businesses are recognising the advantages of ad0pting low emission vehicles.”