Leasing giant blames used EV values for multi-million pound loss
By Gareth Roberts
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16 July 2025
Lex Autolease, part of Lloyds Banking Group, has reported a £10.6 million loss in its annual accounts, just three years after pre-tax profits hit more than half a billion pounds.
The vehicle leasing giant – ranked second in last year’s Fleet News FN50 – blamed the decrease in reported profit on a combination of factors.
They included an increase on underlying depreciation charges on the funded fleet, lower profits on the disposal of vehicles, particularly electric vehicles (EVs), and an increase borrowing costs from interest rate rises.
The £10.6m loss, which was set against a backdrop of revenues rising to £2.4 billion from £2.2bn year-on-year, came after Lex Autolease reported a record downturn in profits in 2023.
https://www.fleetnews.co.uk/news/leasing-giant-blames-used-ev-values-for-multi-million-pound-loss
