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A slowdown in demand for battery-powered cars yesterday reduced the value of one of the country’s largest manufacturers of electric vehicle charging points by a third.
Pod Point said it generated revenue of around £53 million in 2024, well below the £60 million it expected.
And he said the results for 2025 will be lower than expected by the city’s analysts and investors. The shares fell 35.3 per cent to 10.87p, leaving them worth just £26m.
The company said it has been hit by “continued weakness” in electric car sales, which in turn has hit demand for charging points in drivers’ homes.
Sales of electric cars have slowed as a shortage of public chargers fuels “range anxiety” among drivers worried about where they can recharge their batteries. High prices have also discouraged potential buyers.
Russ Mold, chief investment officer at AJ Bell, said: “Never mind a hurdle, the change in Pod Point’s trajectory feels like a blown tire in a pothole, as the slow pace of EV launches has hampered its ambitions”.
Running flat: Electric car charging point maker Pod Point said it generated revenue of around £53m in 2024, well below the £60m it expected
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