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.
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Daily Mail
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