Hitachi Capital Vehicle Solutions has announced that it will rebrand under the new trading name of Novuna Vehicle Solutions by April 2022.

At the same time parent company Hitachi Capital (UK) will change its legal name to Mitsubishi HC Capital UK, following the merger earlier this year of Hitachi Capital Corporation with Mitsubishi UFJ Lease and Finance Company, forming Mitsubishi HC Capital. 

The rebrand to Novuna, which means ‘new together’, marks the start of an exciting new era as the business accelerates its growth plans under its new parent company, it says.

Jon Lawes, managing director of Hitachi Capital Vehicle Solutions, said: “The vehicle leasing market is rapidly changing and so are we.

“As one of the UK’s largest vehicle leasing companies, working with OEMs right across the spectrum to supply and service fleets of all complexities whilst also growing our personal leasing offering, the Novuna brand provides our business with a clear point of differentiation in the motor industry.”

Lawes explained that the new brand name is aligned to its decarbonisation strategy, which is delivering cost and environmental benefits for its customers.

“Novuna perfectly captures the proposition of our business, working together, and with our customers to become market leaders in electric vehicles and complements our ambition to electrify our entire car and small van fleet by 2030,” he continued. “The rebrand marks the start of an exciting new era for us and our customers.”

Each of the other business divisions within Hitachi Capital UK will also operate under Mitsubishi HC Capital UK’s Novuna trading name, including Novuna Consumer Finance, Novuna Personal Finance, Novuna Business Finance and Novuna Business Cash Flow (previously Invoice Finance).

The European division will adopt the Mitsubishi HC Capital trading name as part of its collaboration with the parent company, Mitsubishi HC Capital.

The change indicates an evolution from a manufacturing-based heritage to a new global financial powerhouse with the scale and expertise to drive change for business partners and consumers, it said.

The backing of Mitsubishi HC Capital aims to provide Novuna with the opportunity to leverage the size, scale and expertise of its new parent company in order to realise the company’s ambitions. The new name is the first stage of the business’s transformation.

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