Novuna Vehicle Solutions, the UK operations of Mitsubishi HC Capital UK (MHCUK), and MHC Mobility, the Group’s European branch, have expanded their combined fleet by 8% year on year, reaching 155,000 vehicles. The growth is largely attributed to new business, according to the Group.
“Despite challenging market conditions, this has been an exceptional year for us,” says Robert Gordon, CEO of MHCUK, highlighting “the surge in new business to record levels and our ability to grow and retain our existing customer base amidst high interest rates and prolonged instability.”
- Novuna Vehicle Solutions (red on map) saw a 20.2% increase in new business volume, with revenues up by 17.7% year on year. The operating fleet expanded by 5.7% to exceed 109,000 vehicles, now valued at £1.9 (€2.3) billion, representing an 11% growth. Consequently, Novuna Vehicle Solutions is now ranked as the sixth-largest leasing company in the UK.
- MHC Mobility, operating across eight European countries (Austria, Belgium, Czechia, Germany, Hungary, the Netherlands, Poland, and Slovakia; green on map), recorded a 35% increase in new business volume, with fleet size growing by 13%. These positive outcomes were a result of strong demand, improved new-vehicle delivery times, and a thriving used-vehicle market.
- With favorable results from both subsidiaries, MHCUK (trading as Novuna) reported pre-tax profits of £126 (€150) million for the previous UK financial year (6 April 2023 to 5 April 2024).
Novuna Vehicle Solutions remains committed to investing in decarbonization solutions for corporate fleets, positioning itself as “the sole provider capable of delivering comprehensive end-to-end solutions for businesses.”
The company is also increasing its investment in alternative fuel solutions for heavy transport, serving as the leasing partner for the Tees Valley Hydrogen Vehicle Ecosystem Consortium to support the initial large-scale deployment of fuel-cell electric trucks in the UK.
Says Jon Lawes, Managing Director for Novuna Vehicle Solutions and MHC Mobility: “We are securing contracts with major fleet operators as we spearhead the transition to net zero. Following the integration of MHC Mobility, our focus remains on building our reputation as a trusted partner for all vehicles and businesses in the UK and Europe.”
Image: Mapchart
