Pod Point's Market Value Plummets as UK Electric Vehicle Sales Falter

The electric car charging company has revised its revenue forecasts and warned of ongoing challenges due to weak private EV demand and regulatory uncertainty.

• Pod Point's shares dropped by over 40%, wiping out a third of its market value, following a disappointing trading update.
• The company expects 2024 revenues of £53 million, down from initial estimates of £60 million, citing weak private EV sales in the UK.
• Private buyers accounted for only 10% of new EV purchases in 2024, with most sales driven by business fleets and company car schemes.
• The UK government's review of its Zero Emission Vehicle (ZEV) mandate has added to market uncertainty, with stricter EV sales targets set for 2025.
• Pod Point plans to rely on a £30 million credit facility from majority owner EDF to support its finances as it faces mounting losses.

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