Electric racing series Formula E has introduced a salary sacrifice electric vehicle (EV) scheme for its 200 plus staff.
Under the scheme, developed with specialist provider Tusker, workers will be able to lease, and later potentially buy, new and pre-loved EVs in a more tax-efficient way. Kat L’Oste-Tomkins, people director at Formula E, said that the scheme offers employees “substantial savings on the cost of an electric car”.
The decision to offer the benefit aligns with the employer’s sustainability commitment. It also aligns Formula E with its controlling shareholder, the multinational telecommunications firm Liberty Global, which offers an EV salary sacrifice scheme.
Formula E’s L’Oste-Tomkins, said: “Our salary sacrifice car scheme reinforces our leadership, brand reputation and credibility particularly when it comes to sustainability and EV adoption. While we work tirelessly with some of the most innovative automakers and race teams in the world to progress the development of EVs, we also wanted our workforce to benefit from that work too by being able to drive their cars as part of our company car provision.
“So, supporting eligible employees to drive EVs offers multiple wins. This new salary sacrifice EV car scheme not only supports our vital environmental efforts, it also provides employees with substantial savings on the cost of an electric car.”
Alastair Crawford, account development manager at provider Tusker, said: “There is a growing trend for organisations to adopt this type of scheme to not only support their net-zero goals, but to support employees with their vehicle expenses. It’s been fantastic working with the team at Formula E. Given their sustainability goals and focus on electric innovation, our collaboration was a perfect fit. From the outset, we worked closely with their teams to address any concerns and ensure a smooth rollout.”
Tusker’s salary sacrifice scheme provides an all-inclusive, tax efficient package covering insurance, maintenance, breakdown assistance, and road tax, all for a fixed monthly amount. The provider said that this approach allows employees to drive an EV without the upfront costs typically associated with car ownership.
