Fleet net zero ambitions boosts Novuna Vehicle Solutions growth

Novuna Vehicle Solutions has said fleets’ ambitions to transition to zero emissions vehicles has helped drive profits at its Mitsubishi HC Capital UK parent company.

The wider business saw a 24% increase in profits from £130 million to £160.8m in 2022.

The top 10 FN50 company’s operating fleet continued to grow to over 103,000 assets in 2022, fuelled in part by portfolio acquisitions of BNP Paribas Rental Solutions and Ryder Limited during the year.

A quarter of vehicles across the entire fleet from cars and vans, through to trucks and plant, are now powered by alternative fuels. The business said this has played a “significant role” in the growth in new business volumes.

Jon Lawes, Novuna Vehicle Solutions managing director, said: “By consistently providing exceptional service, we have overcome significant fleet challenges, such as stock deficiencies and extended delivery lead times, while fuelling our business growth and expanding our total asset fleet.

“As leading proponents of zero-emission vehicles, our end-to-end decarbonisation proposition sets us apart in the market and continues to cement our reputation as a trusted partner, assisting drivers, businesses and fleets at every stage of the electrification journey as the appetite to switch continues to gather pace.”

Novuna Vehicle Solutions announced earlier this year that it will open its own electric vehicle (EV) charging forecourt at its offices in Trowbridge to showcase its fleet decarbonisation offering.

It will feature 12 AC charging bays that can deliver up to 22kW of power to fully charge an average EV with a 50kWh battery equipped with a 11kW onboard charger in under five hours.