Octopus Energy has joined forces with Chinese automaker Chery to offer an electric vehicle (EV) leasing package to British consumers. The partnership will see Octopus Energy lease Chery’s Omoda 5 SUV to customers, along with access to low-cost charging rates and convenient charger installation services. This marks Chery’s entry into the competitive UK market with its first electric SUV offering.
A strategic partnership
The collaboration between Octopus Energy and Chery goes beyond a simple vehicle leasing arrangement. Octopus Energy already has a strong presence in the EV leasing market, with over 15,000 vehicles from various automakers, including China’s BYD and Tesla, on offer through its Octopus EV unit. By partnering with Octopus, Chery gains instant access to an established EV leasing infrastructure and a potential pathway to introducing its brand to a new market.
Introducing Omoda to the UK
The Omoda 5 SUV will make its UK debut next month, marking Chery’s first step into the British market. Customers will have the option to choose between an electric, petrol, or hybrid version of the vehicle, with the electric variant taking centre stage in this partnership. Omoda’s executive vice president in the UK, Victor Zhang, has hinted that future electric models from the brand are likely to be included in this strategic partnership with Octopus.
Cutting charging costs with Kraken technology
One of the key benefits of this partnership is the potential for significant cost savings on charging. Through Octopus’ Kraken technology platform, Omoda buyers can optimise their charging schedules to take advantage of off-peak energy rates. This technology automatically schedules charging overnight when energy rates are at their lowest. According to Fiona Howarth, CEO of Octopus EV, this could result in annual charging bill reductions of up to £500, slashing customers’ charging costs by 65%.
A comprehensive EV service offering
Chery is the first automaker to utilise Octopus’ full suite of EV services. In addition to the cost-saving benefits of Kraken technology, Chery customers will have access to an app that unlocks a vast network of 650,000 EV chargers across Europe. This comprehensive approach to EV ownership is designed to make the transition to electric mobility as seamless and accessible as possible for customers.
Showcasing the potential of EV ownership
This partnership highlights the potential for EV ownership to become even more cost-effective and convenient. By combining Chery’s electric vehicle offerings with Octopus’ energy expertise and infrastructure, the two companies are creating a compelling proposition for British consumers considering the switch to electric mobility. Octopus EV’s Fiona Howarth emphasised that this collaboration showcases their ability to simplify the EV ownership experience and make it more accessible and appealing to a wider audience.
Why It matters
This partnership between Octopus Energy and Chery addresses key barriers to EV adoption by offering a comprehensive package that includes leasing, charging infrastructure, and cost-effective energy rates. By providing an all-in-one solution, the two companies are making EV ownership more accessible and attractive to British consumers. This could accelerate the transition to electric mobility in the UK and set a precedent for future collaborations between energy providers and automakers.
The collaboration between Octopus Energy and Chery is a significant step forward in the UK’s EV market. By offering leasing options, affordable charging rates, and convenient infrastructure, the partnership removes common obstacles to EV adoption. This strategic alliance not only introduces a new player in the UK automotive market but also showcases the potential for energy providers and automakers to work together to accelerate the shift towards sustainable transportation. For British consumers, this collaboration presents an attractive opportunity to embrace electric mobility with confidence and ease.