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.
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
an hour ago
- Business Upturn
PTC Industries shares up 1.8% on strong military partnership outlook
By Aman Shukla Published on June 30, 2025, 11:03 IST PTC Industries shares rose 1.8% in early trade after management highlighted the strategic importance of its latest Memorandum of Understanding (MoU) with French aerospace major Safran. Unlike their earlier MoU focused on civil aviation, the new agreement targets military operations—marking a major shift in scope. Chairman & MD Sachin Agarwal told CNBC-TV18 that the company expects significant growth from this MoU, which aligns with other ongoing defense-related investments. He added that PTC Industries anticipates operating margins in the mid-to-high 20% range for FY26. Agarwal also revealed that the company plans to sign several similar agreements over the next six months, indicating a strong pipeline of defense sector collaborations. PTC Industries shares opened at ₹15,080.00 and hit a high of ₹15,488.00 during the day, while the low stood at ₹15,013.00. The stock is trading well above its 52-week low of ₹9,756.30 but remains below the 52-week high of ₹17,995.00. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Wire
2 hours ago
- Business Wire
CARMAT Announces Filing Today for Insolvency and Requesting Being Placed in Receivership
PARIS--(BUSINESS WIRE)--Regulatory News: CARMAT (FR0010907956, ALCAR), designer and developer of the world's most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the ' Company ' or ' CARMAT '), today announces filing for insolvency 1 and requesting to be placed in receivership 2 to the Versailles Economic Affairs Court 3, as well as the suspension of CARMAT shares trading, starting June 30, 2025, before stock market opening. Insolvency filing and request to be placed in receivership On June 20, 2025, CARMAT announced in a press release being at risk of insolvency as early as the end of June 2025 unless managing before then, to secure additional cash of at least €3.5 million. Despite its continued efforts, the Company has not managed at this stage, to secure neither additional cash nor new financing. Given this, the Company will today file for insolvency and request to be placed in receivership to the Versailles Economic Affairs Court ('the Court'). The Court will rule on this request, following a hearing expected in the coming days. As a reminder, according to its current business plan and assuming 'business as usual' situation, the Company estimates its funding requirements over the next 12 months at approximately €35 million, including approximately €20 million by the end of December 2025. Suspension of CARMAT shares trading (ISIN code: FR0010907956, Ticker: ALCAR) Pending the Court's decision, CARMAT has asked Euronext to suspend the trading of its shares starting on June 30, 2025, before the stock market opens. The Company anticipates this suspension to be lifted once the Court's decision has been rendered and communicated to the market. Next steps Pending the Court's decision, CARMATS's operations carry-on and the Company continues to actively explore all options to ensure the continuation of its business activities. The Company believes that the opening of a receivership procedure would be the most appropriate framework to facilitate this continuation. More generally, whatever the Court's decision, the Company will endeavor to provide continuous support to patients who currently benefit from its Aeson® artificial heart. Press releases will be issued regularly as the Company's situation evolves and the proceedings progress. About CARMAT CARMAT is a French MedTech that designs, manufactures and markets the Aeson ® artificial heart. The Company's ambition is to make Aeson ® the first alternative to a heart transplant, and thus provide a therapeutic solution to people suffering from end-stage biventricular heart failure, who are facing a well-known shortfall in available human grafts. The world's first physiological artificial heart that is highly hemocompatible, pulsatile and self-regulated, Aeson ® could save, every year, the lives of thousands of patients waiting for a heart transplant. The device offers patients quality of life and mobility thanks to its ergonomic and portable external power supply system that is continuously connected to the implanted prosthesis. Aeson ® is commercially available as a bridge to transplant in the European Union and other countries that recognize CE marking. Aeson ® is also currently being assessed within the framework of an Early Feasibility Study (EFS) in the United States. Founded in 2008, CARMAT is based in the Paris region, with its head offices located in Vélizy-Villacoublay and its production site in Bois-d'Arcy. The Company can rely on the talent and expertise of a multidisciplinary team of circa 200 highly specialized people. CARMAT is listed on the Euronext Growth market in Paris (Ticker: ALCAR / ISIN code: FR0010907956). For more information, please go to and follow us on LinkedIn. Disclaimer This press release and the information it contains do not constitute an offer to sell or subscribe, nor a solicitation of an offer to buy or subscribe, for CARMAT shares in any country. This press release may contain forward-looking statements regarding the Company's objectives and outlook. These forward-looking statements are based on the current estimates and anticipations of the Company's management and are subject to risk factors and uncertainties, including those described in its Universal Registration Document filed with the French Financial Markets Authority (Autorité des marchés financiers) (the 'AMF') under number D.25-0345 (the ' 2024 Universal Registration Document '), available free of charge on the websites of CARMAT ( and the AMF ( Readers' attention is particularly drawn to the fact that the Company's current cash runway extends only until the end of June 2025, and that CARMAT is therefore facing a very high risk of default, including in the very short term. The Company is also exposed to other risks and uncertainties, such as its ability to implement its strategy, the pace of development of its production and sales, the progress and results of ongoing or planned clinical trials, technological developments, the competitive landscape, regulatory changes, industrial risks, and all risks related to the management of the Company's growth. Forward-looking statements mentioned in this press release may not be achieved due to these factors or other unknown risks and uncertainties, or risks that the Company does not currently consider to be material or specific. Aeson® is an active implantable medical device commercially available in the European Union and other countries recognising the CE mark. The Aeson® total artificial heart is intended to replace the ventricles of the native heart and is indicated as a bridge to transplant in patients with end-stage biventricular heart failure (Intermacs classes 1-4) who cannot benefit from maximal medical therapy or a left ventricular assist device (LVAD) and who are likely to benefit from a heart transplant within 180 days of implantation. The decision to implant and the surgical procedure must be carried out by healthcare professionals trained by the manufacturer. The documentation (clinician's manual, patient's manual and alarm booklet) must be read carefully to learn about the characteristics of Aeson® and the information required for patient selection and proper use (contraindications, precautions, side effects) of Aeson®. In the United States, Aeson® is currently only available as part of a feasibility clinical trial approved by the Food & Drug Administration (FDA).
Newsweek
9 hours ago
- Newsweek
Betting Market in Disarray Over Zelensky Suit That's Also Maybe Not a Suit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A major crypto-currency prediction market placed the odds of Ukrainian President Volodymyr Zelensky wearing a suit before the end of June at just 3 percent on Sunday, with confusion reigning over the Ukrainian leader's attire days after he appeared to don a suit-style outfit for a series of meetings with world leaders. Polymarket, a platform that allows users to trade on the outcomes of real-world events using cryptocurrency, currently includes a market where users can place wagers on whether or not Zelensky will wear a suit before July. It was intended to resolve based on whether the Ukrainian leader was photographed or videotaped wearing a suit between May 22 and June 30, 2025. It attracted over $12 million in volume, but instead of resolving cleanly, it has ignited a furious debate online and among bettors, despite international news coverage and Polymarket's own descriptions seemingly confirming the appearance of a suit. Ukraine's President Volodymyr Zelenskyy arrives ahead of a formal dinner at the Paleis Huis ten Bosch ahead of the NATO summit in The Hague, Netherlands, Tuesday, June 24, 2025. Ukraine's President Volodymyr Zelenskyy arrives ahead of a formal dinner at the Paleis Huis ten Bosch ahead of the NATO summit in The Hague, Netherlands, Tuesday, June 24, 2025. AP Photo/Markus Schreiber Zelensky, attending the NATO summit in The Hague earlier this week, looked to choose a military-style yet formal blazer with a buttoned-up black shirt, including for his arrival to a formal dinner hosted by Dutch royalty on Tuesday. He also appeared alongside world leaders in the Netherlands in a black utility-style collared jacket, a noticeable departure from his wardrobe choices prior to his now-infamous and disastrous White House meeting in February. Zelensky chose a similar jacket for a meeting with British Prime Minister Sir Keir Starmer in London just ahead of the NATO summit. The Polymarket chance of Zelensky wearing a suit by July jumped to 19 percent the day after the summit ended. Britain's Prime Minister Keir Starmer, left, welcomes Ukraine's President Volodymyr Zelenskyy to Downing Street in London, Monday, June 23, 2025. Britain's Prime Minister Keir Starmer, left, welcomes Ukraine's President Volodymyr Zelenskyy to Downing Street in London, Monday, June 23, 2025. AP Photo/Kirsty Wigglesworth The Ukrainian president's outfit choices have drawn persistent attention and occasionally criticism, not least during his ill-fated trip to the Oval Office earlier this year. Zelensky's team was repeatedly told by President Donald Trump's advisers that Zelensky should opt to swap out his typical khaki or black military dress when visiting the White House, Axios reported in late February, citing two sources with direct knowledge of the topic. "He's all dressed up today," Trump told cameras as he greeted Zelensky at the White House. Zelensky arrived dressed all in black — but not in a suit. Gathered with Trump, Vice President JD Vance and other senior administration officials, Zelensky was prodded by a reporter on why he had not donned a suit. The Ukrainian leader shoots back that he will wear a suit "after this war finishes." From left, European Council President Antonio Costa, Ukraine's President Volodymyr Zelenskyy, NATO Secretary General Mark Rutte and European Commission President Ursula von der Leyen pose for photographers prior to a meeting on the sidelines of... From left, European Council President Antonio Costa, Ukraine's President Volodymyr Zelenskyy, NATO Secretary General Mark Rutte and European Commission President Ursula von der Leyen pose for photographers prior to a meeting on the sidelines of the NATO summit in The Hague, Netherlands, Tuesday, June 24, 2025. More AP Photo/Geert Vanden Wijngaert Zelensky typically wears military-style fatigues, or clothing boasting the Ukrainian trident, a nod to his role as a war-time leader showing solidarity with frontline troops, rather than a peace-time politician. There is a "political message" in Zelensky's choices, reminding the world he is a president representing a country actively at war, said Oleksandr Merezhko, the head of Ukraine's parliamentary foreign affairs committee and a member of Zelensky's Servant of the People party. "Psychologically, the fact the President doesn't wear a suit might irritate only those who don't like Ukraine," Merezhko told Newsweek. "It's about them, not about what the President wears." Zelensky's dress should depend on the situation, Merezhko said. "While the war continues, the President should somehow in his attire to emphasize that he is commander in chief," he said. "In some rare cases he might wear a suit," but one adjusted to nod to the military, Merezhko added.
