Pod Point cuts revenue forecasts due to weakness in UK electric vehicle market

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”.

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 only 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 about £15 million.

The group said a reduced contribution from installing chargers at home, where cash is received ahead of costs incurred, was largely to blame.

Chief executive Melanie Lane 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.”

Pod Point, which floated on the stock market in 2021, said it expects to draw on a £30 million credit facility provided by EDF to support its finances.

Shares in the company plunged by 37% to 10.5p on Monday as a result.