Overview

• 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.