Pod Point cuts revenue forecasts due to weakness in UK electric vehicle market
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Electric vehicle charging firm Pod Point has said revenues are set to be more than a 10th below expectations after being knocked by weak private sales of EVs in the UK. It also reduced its cash reserves significantly more than expected as it was affected by fewer customers installing charging points at home.
The company said it expects to have delivered revenues of £53 million in 2024, having previously pointed towards revenues of £60 million. Pod Point, which is majority-owned by energy giant EDF, said it expects results for 2025 to also be below market expectations as a result.
The firm stressed that it continues to face a “challenging market backdrop”. Pod Point has achieved a lot in 2024 against a difficult market backdrop. Sales of electric vehicles have remained under pressure despite the launch of the zero-emission vehicles (Zev) mandate at the start of 2024.
Car-makers were required to ensure 22% of their sales were pure electric last year. However, ultimately, pure battery electric new cars made up 19.6% of the new car market for the year, resulting in fines for car manufacturers. The target rises each year, and is set at 28% for 2025.
Electric vehicle sales have continued to be supported by growth from business customers, while private demand has come under pressure from rising costs for households. At the end of 2024, Pod Point said it had net cash of £5.3 million, below guidance of around £15 million.
