French forced to rescue British charging company as drivers shun EVs
A UK car charging company is to be rescued by French energy giant EDF, after a downturn in demand for electric vehicles (EVs) left it struggling to survive.
On Thursday, EDF said it would buy Pod Point in a cut-price deal to save the British company. The energy giant said a takeover was the 'only realistic prospect' of allowing Pod Point to keep operating.
Pod Point, which has chargers available at places such as Tesco and McDonald's, is the third-largest charging group in the UK, operating 5,600 fuelling stations, according to Zapmap. Government data this week showed there were around 80,552 charge points across the country, up from 62,418 last year.
The company was founded in 2009 and grew rapidly before listing on the London stock market with a price tag of £350m in 2021. However, Pod Point has since disappointed with lacklustre performance. Shares have crashed 94pc from its debut.
The deal underscores the disappointing demand for EVs among British drivers amid fears about depreciation and reliability.
While sales of EVs have grown in recent years, demand for the cars has undershot the lofty expectations of companies such as Pod Point.
Rishi Sunak, the former prime minister, decided in 2023 to push back a ban on petrol and diesel cars from 2030 to 2035, which was seen as denting demand for EVs, while falling petrol prices and rising electricity prices have also damaged the appeal of battery-powered cars.
A recent poll by the AA found a fifth of drivers said they would never buy an electric vehicle because they preferred to drive petrol and diesel cars. The breakdown service said more incentives were needed to boost demand.
Pod Point has never been able to turn a profit and has thrown in the towel as a public company after struggling to find cash to keep the business alive.
Announcing the takeover, it blamed 'slower-than-expected adoption of EVs, increased competition and the rise of alternative distribution channels' for its poor performance.
EDF, which is owned by the French government, said taking the company off the stock market would allow it to fund the growth of the business more easily.
The French giant already owns 53pc of the company and has offered 6.5p per share to buy the rest of the company it does not already own. Top shareholder Legal & General and the group's directors have backed the takeover, which values the group at £10.6m.
Andy Palmer, the Pod Point chairman, said: 'As a good strategic fit within the EDF group, we believe it puts Pod Point on the road to a long-term, sustainable future, to the wider benefit of all its stakeholders.'
Philippe Commaret, EDF's managing director, said: 'Our offer for Pod Point will allow it to benefit from long-term stability and enhanced operational support providing greater certainty for its customers.'
Under the Government's zero emission vehicles (ZEV) mandate, at least 28pc of new cars sold in the UK this year must be electric. The target rises each year until 2030 when 80pc of new cars must be electric and 70pc of vans. The sale of pure new petrol and diesel cars will also be banned in 2030, after Labour reversed Mr Sunak's policy.
The Government is consulting on changing the rules to make it easier for manufacturers that fail to hit the targets to avoid fines, amid fears over the health of the British car industry.
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