UK's Pod Point Group Warns of 2024 Revenue Miss on Weak Ev Demand

Pod Point Group Lowers 2024 Revenue Forecast on Weak EV Demand

(Reuters) -Electric Vehicle charging point provider Pod Point Group warned of lower-than-expected results this year and cut its 2024 revenue forecast on Monday, due to weaker EV demand.

Britain faces a dual challenge of striving to reduce emissions while grappling with slower-than-anticipated adoption of EVs, driven partly by concerns over limited charging infrastructure and high costs.

In December, the country launched a consultation to review rules that force automakers to produce more electric vehicles, following industry warnings that the current plan could lead to factory closures and job losses.

But Pod Point said the recent consultation on the zero emission vehicle mandate could further increase near-term uncertainty for the sector.

For the 12 months ended Dec. 31, 2024, the UK-based company cut its revenues forecast to about 53 million pounds ($64.70 million), down from its previous guidance of about 60 million pounds.

"We made good progress on our costs but the weaker-than-expected private EV market has negatively impacted revenues," CEO Melanie Lane said in a statement.

($1 = 0.8192 pounds)

(Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich)