Xpeng chooses Lloyds as finance and leasing partner

Lex Autolease-owner Lloyds Banking Group will offer finance and leasing products for electric vehicles (EVs) from Chinese manufacturer Xpeng.

It marked its official entry into the UK market earlier this month, with the launch of an all-electric SUV, the Xpeng G6 – the carmaker’s first right-hand drive model.

The EV is priced from £39,990 and deliveries are starting from next month (March). 

Xpeng has 20 dealerships set to open in the UK in 2025, through a partnership with International Motors (IM), the group behind GWM Ora, Isuzu and Subaru.

Nick Williams, managing director for transport at Lloyds Banking Group, said: “The UK is leading the way in electrifying and decarbonising transport, which is helping to attract new manufacturers, such as Xpeng.  

“The launch of the G6 model is a great example how the electric car market has evolved to offer cars that deliver great battery performance, with both range and charge time, cutting edge technology and a fantastic driving experience at an affordable price point.

“As one of the largest finance providers for electric vehicles in the UK, our partnership with IM 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.”

Through the partnership with Lloyds, Xpeng’s fully electric cars will be available through International Motors Finance, a joint venture business between IM and Black Horse, Lloyds Banking Group’s motor finance business. 

It will offer hire purchase (HP) or personal contract purchase (PCP) products.

Xpeng’s vehicles will also be available for personal contract hire (PCH) or business contract hire (BCH) through Lloyds Banking Group’s leasing business, Lex Autolease.

William Brown, managing director at International Motors, 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.”

Read more from Fleet News about Xpeng's plans for the UK market.