EV charging firm Pod Point sees revenue suffer due to weak electric car sales
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Pod Point, the electric vehicle charging company, has announced that its revenues are expected to fall short by more than 10% of projections due to sluggish private EV sales in the UK. The firm also saw a significant dip in its cash reserves, more than anticipated, as fewer customers opted to install home charging points. The company is now forecasting £53m in revenue for 2024, down from the previously estimated £60m.
Majority-owned by energy giant EDF, Pod Point has warned that its 2025 financial results are likely to trail behind market expectations too, citing a "challenging market backdrop". Despite the introduction of the zero-emission vehicles (Zev) mandate at the start of 2024, which required car-makers to achieve 22% pure electric sales, the actual figure reached was just 19.6%, leading to penalties for the manufacturers.
The mandate's target is set to increase to 28% for 2025. While business customer growth has bolstered EV sales, private demand has been squeezed by rising household costs. By the end of 2024, Pod Point reported net cash of £5.3m, significantly lower than the forecasted £15m, attributing the shortfall mainly to the decreased home charger installations where payments are received before costs.
Melanie Lane, the boss at Pod Point, said: "Pod Point has achieved a lot in 2024 against a difficult market backdrop. As expected, 2024 has proven to be a transitional year in terms of our financial performance. "We made good progress on our costs, but the weaker-than-expected private EV market has negatively impacted revenues.".
