Published by Global Banking & Finance Review®
Posted on January 20, 2025
1 min readLast updated: January 27, 2026
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Pod Point Group reduces its 2024 revenue forecast due to weak EV demand, highlighting challenges in the UK's electric vehicle market.
(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)
The main topic is Pod Point Group's reduction in its 2024 revenue forecast due to weak electric vehicle demand in the UK.
Pod Point Group is cutting its revenue forecast due to weaker-than-expected demand in the private electric vehicle market.
The UK faces challenges such as limited charging infrastructure and high costs, impacting EV adoption rates.
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