Lloyds Banking Group is to offer finance and leasing products for Xpeng vehicles, having reached an agreement with the manufacturer’s UK distributor, International Motors Ltd (IML).

As part of the deal, Xpeng vehicles will be available for business contract hire via Lex Autolease.

Lex will also offer personal contract hire, while personal contract purchase and hire purchase will be offered by International Motors Finance, a joint venture between IML and Lloyds’ motor finance business Black Horse.

Lloyds Banking Group managing director for transport Nick Williams 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 of 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 IML 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.”

IML managing director William Brown 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.”