A slowdown in demand for battery-powered cars drove down the value of one of the country’s biggest makers of charging points for electric vehicles by a third yesterday.
Pod Point said it brought in revenues of around £53million in 2024 – well below the £60million it was expecting.
And it said results for 2025 are set to be lower than anticipated by City analysts and investors. Shares tumbled 35.3 per cent to 10.87p, leaving it worth just £26million.
The company said it has been hit by ‘ongoing weakness’ in electric cars sales – which in turn has dented demand for charging points at drivers’ homes.
Sales of electric cars have slowed as a shortage of public chargers fuels ‘range anxiety’ among motorists worried about where they can top up their batteries. High prices have also put off would-be buyers.
Russ Mould, investment director at AJ Bell, said: ‘Never mind a speed bump, the shift in Pod Point’s trajectory feels like a blown tyre in a pothole as the slow pace of electric vehicle roll-out has stymied its ambitions.’
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