18/09/2009
The name 'Hitachi' often conjures images of diverse industrial and technological innovation, but within its vast global presence, there can be confusion regarding specific entities and their operations. This article aims to clarify two distinct entities that have historically carried the Hitachi moniker, providing a clear distinction between Hitachi Automotive and the company formerly known as Hitachi Capital (UK) PLC, which has since rebranded as Novuna.
Understanding these differences is crucial, especially when considering their respective histories, core businesses, and their impact within the automotive and financial sectors. While one faced significant legal challenges related to its past conduct, the other has undergone a remarkable transformation, becoming a driving force in modern UK financial services under new ownership and a fresh identity.
What Was Hitachi Automotive?
Hitachi Automotive, headquartered in Tokyo, Japan, was a significant player in the global automotive components industry. It was known for manufacturing a wide array of parts, from engine management systems to electric powertrain components, supplying many of the world's leading car manufacturers. However, its history includes a notable legal entanglement that brought its name into the spotlight for less favourable reasons.
On 6th November 2013, Hitachi Automotive pleaded guilty to its involvement in a conspiracy to fix prices and rig bids for various automotive components sold to car manufacturers in the United States and elsewhere. This anti-competitive behaviour led to a substantial criminal fine of $195 million. This incident highlighted the importance of fair competition within the supply chain and served as a stark reminder of the legal consequences for corporations that engage in such practices. While the company continued its operations, this event remains a significant part of its public record.
From Hitachi Capital (UK) PLC to Novuna: A New Era
In stark contrast to the historical issues of Hitachi Automotive, the entity formerly known as Hitachi Capital (UK) PLC has embarked on an exciting journey of transformation and growth. Now operating under the trading style of Novuna, this leading UK financial services company has not only rebranded but has also solidified its position as an innovator, particularly in the realm of vehicle solutions and sustainable transport.
The Evolution of a Financial Giant
For over 40 years, Hitachi Capital (UK) PLC built a robust reputation, working with millions of consumers, small to medium enterprises (SMEs), and corporate multinationals across the UK and mainland Europe. It was a trusted name, providing diverse financial solutions that enabled countless individuals and businesses to achieve their ambitions. This rich history laid a strong foundation for its evolution.
The pivotal change occurred on 1st April 2021, when Hitachi Capital (UK) PLC became a wholly-owned subsidiary of Mitsubishi HC Capital Inc. This acquisition marked a significant milestone, strengthening its relationship with one of the world's largest and most diversified financial groups, boasting over £60 billion of assets. This new backing has provided Novuna with unparalleled opportunities to leverage the size, scale, and expertise of its parent company, propelling its ambitions forward.
Novuna Vehicle Solutions: Driving the Future of Fleets
One of the flagship divisions under the Novuna umbrella is Novuna Vehicle Solutions. This powerhouse in the leasing industry manages an impressive portfolio of over 95,000 vehicles, ranging from cars and vans to HGVs and specialist assets. As an FN10 leasing company, Novuna Vehicle Solutions offers a truly unique total asset solution. This encompasses everything from bespoke vehicle design and build to comprehensive funding and integral fleet management services, crucial for critical fleet mobilisation.
The business has demonstrated remarkable growth, recording the largest percentage growth among the Fleet News FN50 top 10 providers in 2021, with its fleet size increasing by a significant 17 per cent. This growth underscores its commitment to innovation and customer satisfaction.
Pioneering Electric Vehicle Adoption
A significant focus for Novuna Vehicle Solutions is the acceleration of electric vehicles (EVs) beyond traditional fleets. The company is actively strengthening and broadening its range of services to support this transition. Productive partnerships are at the heart of this initiative, providing competitive EV leasing deals for customers, including the RAC and their members. These deals are often complemented by home EV charger installation services with Centrica, designed to make the move to EVs as seamless as possible for individuals and businesses alike.
Further demonstrating its commitment, Novuna Vehicle Solutions has been voted Leasing Company of the Year for three consecutive years. It also developed the first accredited EV Academy, an innovative programme designed to empower its colleagues. Through this academy, employees can gain in-depth knowledge about the rapidly evolving EV market, enabling them to help customers transition to electric in an informed, personal, and empathetic way, addressing individual circumstances and concerns.
Beyond Vehicles: The Broader Novuna Portfolio
While Novuna Vehicle Solutions garners significant attention for its innovative approach to fleet management and EV adoption, the broader Novuna portfolio, operating under Mitsubishi HC Capital UK PLC’s trading style, offers a comprehensive suite of financial products and services. These divisions cater to a wide array of needs across consumer and business sectors:
- Novuna Consumer Finance: Providing finance solutions directly to consumers for various purchases.
- Novuna Personal Finance: Offering personal loans and other financial products to individuals.
- Novuna Business Finance: Supporting small and medium-sized businesses with essential funding.
- Novuna Business Cash Flow (formerly Invoice Finance): Assisting businesses with managing their working capital by providing finance against outstanding invoices.
- European Division: Specialising in Vendor Finance, this division has also adopted the Mitsubishi HC Capital trading style, fostering greater collaboration with the parent company, Mitsubishi HC Capital Inc.
Collectively, Novuna, as a trading style of Mitsubishi HC Capital UK PLC, stands as a leading financial services company. It is authorised and regulated by the Financial Conduct Authority (FCA), ensuring adherence to stringent industry standards. With over 1,600 employees, £6.3 billion of net earning assets, and serving over 1.3 million customers across its five business divisions, Novuna continues to play a vital role in the UK’s financial landscape.
Understanding the Key Differences
To avoid any lingering confusion, it's essential to highlight the fundamental distinctions between Hitachi Automotive and the entity now known as Novuna (formerly Hitachi Capital UK PLC).
| Feature | Hitachi Automotive (Historical Context) | Novuna (formerly Hitachi Capital UK PLC) |
|---|---|---|
| Primary Business | Manufacturing automotive components. | Financial services, including vehicle leasing, consumer finance, business finance. |
| Headquarters/Base of Operations | Tokyo, Japan (global operations). | UK-based (trading style of Mitsubishi HC Capital UK PLC), with European division. |
| Notable Historical Event | Plead guilty to price-fixing conspiracy (2013), $195M fine. | Rebranded from Hitachi Capital (UK) PLC to Novuna (2021), acquired by Mitsubishi HC Capital Inc. |
| Current Ownership/Parent Company | Part of the broader Hitachi Group (though specific structure details not provided in source). | Wholly-owned subsidiary of Mitsubishi HC Capital Inc. |
| Market Focus | Automotive manufacturing supply chain. | UK and European consumers, SMEs, and corporate fleets. |
Frequently Asked Questions (FAQs)
What is Novuna?
Novuna is the new trading style for Mitsubishi HC Capital UK PLC, which was formerly known as Hitachi Capital (UK) PLC. It is a leading UK financial services company offering a wide range of services including vehicle solutions, consumer finance, personal finance, and business finance.
Why did Hitachi Capital (UK) PLC rebrand to Novuna?
Hitachi Capital (UK) PLC rebranded to Novuna following its acquisition by Mitsubishi HC Capital Inc. on 1st April 2021. The rebrand signifies a new chapter and aligns the company with its new parent group, while 'Novuna' itself is derived from Latin words meaning 'New' and 'Together', reflecting its forward-looking strategy and collaborative approach.
Is Novuna regulated?
Yes, Novuna, as a trading style of Mitsubishi HC Capital UK PLC, is a leading financial services company authorised and regulated by the Financial Conduct Authority (FCA) in the UK. This ensures that it operates under strict regulatory standards to protect its customers.
What services does Novuna Vehicle Solutions offer?
Novuna Vehicle Solutions offers a comprehensive suite of services for managing fleets, including bespoke vehicle design, build, funding, and full fleet management for over 95,000 vehicles. They are also at the forefront of promoting and facilitating the adoption of electric vehicles (EVs) through competitive leasing deals, charger installations, and their unique EV Academy.
Are Hitachi Automotive and Novuna the same company?
No, they are entirely separate entities. Hitachi Automotive was a Japanese-headquartered manufacturer of automotive components with a history of legal issues related to price-fixing. Novuna, on the other hand, is a UK-based financial services company, formerly Hitachi Capital (UK) PLC, now a subsidiary of Mitsubishi HC Capital Inc., focused on vehicle leasing, consumer, and business finance.
Conclusion
The name 'Hitachi' has a sprawling legacy, but it’s crucial to differentiate between its various applications. Hitachi Automotive represents a chapter in automotive component manufacturing, marked by a significant legal incident. Conversely, what was once Hitachi Capital (UK) PLC has undergone a profound transformation, emerging as Novuna, a vibrant and forward-thinking financial services powerhouse under the stewardship of Mitsubishi HC Capital Inc.
Novuna’s commitment to innovation, particularly in the realm of electric vehicles and comprehensive financial solutions, positions it as a key player in the evolving UK market. By understanding these distinct identities, consumers and businesses can better appreciate the diverse landscape of global corporations and their unique contributions to different sectors.
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