Chinese newcomer to the UK market, BYD, has agreed a substantial deal with all electric vehicle leasing experts Octopus, for 5,000 vehicles as it launches in the UK.

The agreement will see Octopus Electric Vehicles purchase 5,000 new EVs from BYD for UK customers over the next three years.

It will commence with the BYD Atto 3 SUV which has a range of 260 miles.

Octopus Electric Vehicles is a specialist in the provision of salary sacrifice schemes to businesses. This is a form of employee benefit where the employee sacrifices some of their gross income for a new electric car. The savings in tax make it cheaper than leasing a car personally.

BYD says Octopus will also be its preferred salary sacrifice provider.

Michael Shu, general manager and managing director, BYD Europe and international cooperation division, said:

“We are delighted to enter this cooperation with Octopus EV. This is an exciting new chapter for BYD as we bring our latest products and leading technologies to customers in the UK. BYD staunchly believes in partnerships with like minded organizations, and our shared commitment to eMobility and sustainable innovation for a greener future, endorses our mutual aims.”

The Atto 3 is available in three versions: Active, cost £36,940 (€41,900); Comfort, cost £36,990 (€42,000); and Design, cost £38,990 (€44,200). Octopus currently has no leasing offers for BYD on its website.

Oliver Boots, chief commercial officer at Octopus Electric Vehicles, added:

“When Octopus Electric Vehicles launched, there were only a handful of EVs on the market - we’re now at more than 85 and the figure is rising all the time. Customers have an amazing range of models to choose from, all of which are at the cutting edge of tech and are fun to drive. Being able to partner with BYD as they launch in the UK is a real milestone.”

According to the British Vehicle and Leasing Association (BVRLA), salary sacrifice is the fastest growing funding method among leasing companies.