Mitsubishi HC Capital finances Lion Electric EV

Mitsubishi HC Capital Canada and ENGS Commercial Finance Providing financing to electric car manufacturers Lion Electric For its school bus and truck customers in the United States and Canada.

According to a Mitsubishi HC Capital release, Mitsubishi HC Capital America will absorb ENGS Commercial Finance on April 1, and Mitsubishi HC Capital America will remain the surviving corporation. Mitsubishi HC Capital Canada will continue as a subsidiary of Mitsubishi HC Capital America.

Lion Capital SolutionsLion Electric’s financing arm is working with Mitsubishi Corporation and its subsidiaries to improve the financing process for electric vehicles.

William Blanchard, head of LionCapital Solutions, said the deal will allow LionCapital Solutions to leverage Mitsubishi Motors’ vehicle financing expertise to create a financing solution specifically designed for Lion’s school buses and trucks. says it will be

Mitsubishi HC Capital Canada is funding Lion Electric, but the company intends to fund charging infrastructure elsewhere, said vice president of sustainable development, commercial finance at Mitsubishi HC Capital Canada. said Jon Davies. Equipment Finance Connect.

“We want to finance the vehicles ourselves, but we also want to do all the charging infrastructure,” said Davies. “Commercial vehicles are very important to our business. You’ll see us getting involved with new technology.”

Aiming for sustainability

Electric commercial vehicles play a big role in Mitsubishi HC Capital Canada’s sustainability efforts because of their heavy usage, Davies said.

“Commercial vehicles, especially delivery vehicles, run all day long. “Commercial vehicles are expensive, and electric vehicles cost more than double that price.”

Despite the high cost, the North American heavy electric vehicle market is growing, but the market share remains small. International Energy Agency. Sales of electric medium and heavy duty trucks accounted for 0.3% of total global registrations in 2021, or 14,200 sales, according to the IEA.

Registration of electric trucks

Source: International Energy Agency – Orange: China; Blue: Europe; Green: USA.Yellow: Other

“We are seeing demand for these new commercial vehicles,” said Davies. “I think school buses will be the biggest market for electric vehicles.”

In fact, the number of electric buses is a growing market in North America. CALSTART, A non-profit consortium.

CALSTART reports that there are 5,480 full-size zero-emission buses (ZEBs) in the U.S., a 66% increase from 2021. The total number of ZEBs in Canada is 859, including 219 new motor coaches for 2021 and beyond.

Electric bus registration

Source: International Energy Agency – Orange: China. Blue: Europe; Green: USA.Yellow: Other

“We want lower monthly payments for school buses,” Davis said.