Sherbet expands electric taxi fleet by 100 vehicles as part of £5million deal

Image credit: Sherbet

Sherbet has announced they are to expand its electric taxi fleet by 100 black cabs at a cost of £5million to meet increased demand for clean vehicles.

The new taxis will be operational from this week and have been secured using an innovative pay per mile finance deal.

The order for 100 new LEVC Vista Comfort Plus TXE taxis will bring London’s largest electric black taxi fleet up to 450, helping to absorb the demand for clean vehicles in the capital as people return to work in the city.

Pre-pandemic, there were 23,000 black taxis on London’s roads, but that number has dropped to 14,000. Sherbet is expanding its fleet rapidly with the aim of having at least a thousand electric black taxis in operation in the next two years, spearheading an effort to clean up London’s air. 

The deal, worth £5,000,000, was financed using a loan provided by Gravis Capital Management funds, working with Zeti, a fintech platform that facilitates pay-per-mile financing for zero or ultra-low emissions vehicles. This model allows Sherbet to acquire the vehicles of their choice and supports cash flow optimisation while giving them simplicity, transparency, and real time reporting. 

Asher Moses, Sherbet’s CEO, said: “As an asset-backed company with sustainability running central to everything we do, we are on a mission to pick up the excess demand for London black taxis by increasing supply and ensuring that that supply is electric, future proofed with the best available technology, and operated by the best qualified and most professional drivers in the city.”