Ride-hailing EV supplier WeFlex looks for new £60m funding to take fleet to 10,000

WeFlex, which supplies and finances electric vehicles for ride-hailing drivers, is looking to raise £60 million to support its goal of getting drivers to switch to EVs.

WeFlex, founded by former Climatecars boss Nicko Williamson (pictured), is an approved Uber Clean Air Plan partner, providing EVs to private hire drivers through a flexible vehicle financing product, where the customer owns the vehicle at the end of the agreement. The Clean Air Fund is currently sitting at £145m.

As well as vehicle finance, WeFlex provides the option of short-term vehicle rental to allow ride hailing drivers to get to grips with switching to an EV, as well as insurance, vehicle servicing, PCO licensing and more.

The new round of fund-raising will support a strategic goal of reaching a 10,000-strong EV fleet by 2025.

WeFlex CEO Nicko Williamson said: “There is a huge and pressing opportunity for WeFlex to play a major part in helping the ride hailing market switch to EVs, helped by Uber’s commitment to be a 100% EV platform in London by 2025 plus clean air zones coming in across major UK cities. We are raising further funding to capitalise on this opportunity, giving WeFlex the ability to scale faster as more ride hailing drivers look to make the switch to EVs.”

Currently 70% of WeFlex’s 1,000-strong fleet is battery-electric, Williamson said, with MG proving to be one of the most popular brands. “We’re big fans of MG, and drivers are finding the cars very reliable in service.” WeFlex has supplied both MG5 and ZS models, and with a range of 250-270 miles, they’re very capable PHVs.

As well as MG, Tesla and Korean brands Hyundai and Kia are also proving popular, Williamson said.

In particular, the Kia e-Niro is the car that is becoming the ‘electric Prius’ for the private hire market. “The e-Niro is that car at the moment. It’s at the right price - £30,000, and the specification of the 3 trim level is just right.”

Kia EV6 and Hyundai Ioniq5 are making less headway due to their higher price. “They’re not seen as premium brands, whereas Tesla is, so the Tesla 3 is our main premium offering,” Williamson said.

Volkswagen ID models, on the other hand, are very difficult to find. “You can’t get the cars, and the lead times are long, so they’re not on our list at the moment.”