London electric taxi fleet owner tells Transport Committee ‘drivers can no longer afford to rent, let alone buy’

The owner of London’s biggest electric taxi fleet has told the Transport Committee that drivers can ‘no long afford to rent, let alone buy’ as concerns over the rising cost of the LEVC TX black cab reach boiling point.

The London Assembly Transport Committee's recent meeting spotlighted a number of considerable challenges confronting black taxis in London, unfolding a narrative that captures the strain within this vital sector of the city's transport network.

Asher Moses, CEO of Sherbet The Electric Taxi Company, vividly illustrated the financial burden placed on the trade where he also admitted he ‘can't afford to buy them any longer’.

The taxi industry has shouldered huge costs in its pursuit to align with the Mayor’s green strategy. Moses's disclosure of the colossal investment, exceeding £600 million, into this environmental initiative, highlighted the commitment yet simultaneous financial strain on black cab owners. His concern about the affordability and maintenance of electric taxis, especially given their high costs, resonates as a central anxiety within the sector.

Moses told the Transport Committee: “I personally as a small family business have invested over £30 million of our personal money in line with a Mayor’s Strategy to go green.

“My colleagues have invested as we say. Our fleet owners have invested over £300 million and alongside our colleagues and licensed cab drivers we've invested over £600 million in the Mayor’s Strategy to go green.

“A few months ago there was an article the Mayor said to licensed cab drivers who can't afford these vehicles, well you can rent one, well I'm the largest electric taxi fleet and I can't afford to buy them any longer. And I'm seriously considering amongst my colleagues whether we should continue to invest in a vehicle that is over £100,000.

“Cab drivers can't afford to rent, let alone buy. These vehicles are great vehicles but we can't get parts, there's an issue maintaining these vehicles which are expensive. We can't continue to increase rents on these particular vehicles.”

Other key industry figures, such as Helen Chapman and Christina Calderato of TfL, and Steve McNamara of the Licensed Taxi Drivers' Association, included their industry perspectives. The dialogue navigated through various critical issues, but central to the debate was the taxi’s cost and reliability, which have fostered a hesitancy to invest further in new black cabs.