Shares in one of Britain’s leading electric car charging networks plunged by more than a third after bosses warned that plans to water down net zero targets risk damaging demand.
Pod Point saw around £10m wiped from its market value after a 41pc drop in its share price, which was triggered by a gloomy trading update on Monday morning.
The company, which is majority-owned by energy giant EDF, said revenues were expected to shrink over the coming year owing to the Government’s review of its zero-emission vehicle (ZEV) mandate.
It said this could increase “near-term uncertainty” and worsen what is already a “challenging backdrop”.
Jonathan Reynolds, the Business Secretary, ordered a review of the ZEV mandate late last year after carmakers warned that the rules were putting Britain’s car industry at risk.
Under the ZEV rules, car companies face hefty fines if they do not hit targets that require 22pc of their sales to come from EVs this year, a figure that will gradually rise to hit 80pc in 2030.
However, demand has struggled significantly over the past 12 months, with only one in 10 private buyers choosing to buy an electric car in the UK in 2024.
This has led to reduced activity for Pod Point, which said it has suffered from fewer customers installing charge points at home.
The company, which has installed more than 250,000 EV chargers since its launch in 2009, said it expects to post revenues of £53m in 2024, down from earlier estimates of £60m.
Melanie Lane, Pod Point’s chief executive, said: “Pod Point has achieved a lot in 2024 against a difficult market backdrop.
“As expected, 2024 has proven to be a transitional year in terms of our financial performance.
“We made good progress on our costs, but the weaker-than-expected private EV market has negatively impacted revenues.”
Pod Point, which floated on the stock market in 2021 and is chaired by Andy Palmer, the former Aston Martin boss, said it expects to draw on a £30m credit facility provided by EDF to support its finances.
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