STEER EV Subscription Platform Expands Across Continent to Launch in British Columbia

Rhea-AI Summary

STEER Technologies Inc. (TSXV: FD, OTCQX: FDVRF) has secured a business license to operate its electric vehicle subscription service, STEER EV, in British Columbia, Canada, as of August 2022. The expansion is a strategic move to meet the growing demand for flexible, eco-friendly transportation alternatives. STEER EV aims to capitalize on trends favoring subscription models, targeting a car subscription market projected to grow from $3.55 billion in 2019 to $12.1 billion by 2027, with a CAGR of 23.1%. The company plans further geographical expansion throughout North America.

Positive

• Acquired business license for STEER EV in British Columbia, expanding service area.
• STEER EV projected growth in the electric vehicle subscription market, expected to increase to $12.1 billion by 2027.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- STEER Technologies Inc. (“STEER” or “the Company”) (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce its electric vehicle subscription service (“STEER EV”) has obtained a business license to operate in British Columbia, Canada, and added the province as a new service area. STEER EV’s subscription service is available to the eligible residents of the province as of August, 2022. STEER EV has been working on expanding the financing required to accommodate further launches, and is now aiming to grow both its fleet size and geographical footprint throughout the second half of 2022.

From its inception, the STEER EV platform has been focused on challenging the traditional car ownership model and accelerating the general public’s switchover to environmentally friendly transportation through an automobile subscription service. Having transformed the platform into a leading provider of subscription-based EV services in Canada, the Company feels its turnkey month-to-month model – which includes insurance, maintenance, vehicle swaps and concierge delivery – presents an attractive alternative for customers seeking a time-efficient and hassle-free transportation solution.

The Company sees STEER EV capitalizing on two mega-trends in the personal transport industry: increasing eco-consciousness on part of individuals and governments alike, as well as a general shift away from traditional car ownership in favour of more flexible options such as per-use or subscription-based services, particularly among the younger generation. The global car subscription market was valued at $3.55 billion in 2019, and is projected to reach $12.1 billion by 2027, representing a compounded annual growth rate (CAGR) of 23.1%.¹ As an ESG ecosystem, STEER is confident that its commitment to working alongside responsible governments, businesses and individuals in addressing environmental, social and governance concerns positions its well to capture growth in the electric vehicle subscription services market in the years to come.

STEER EV’s expansion into British Columbia marks an important step in the platform’s expansion, as the province is a known supporter of EV adoption, having increased the number of EVs on its roads by 1,600% in the past six years². The Company also feels this expansion aligns with the views of the Government of Canada, which has continually expressed support for that the electrification of Canada’s light-duty vehicles as part of a shift towards cleaner fuels and a general decarbonisation of the country’s transportation sector. Currently, transportation accounts for approximately 25% of Canada’s greenhouse gas emissions (GHG), of which almost half comes from passenger cars and light trucks. ³

“We are pleased to bring our EV subscription services to British Columbia, which is our second market in Canada, and our first launch on the west coast. Our team has put a lot of hard work, time and dedication to ensure a successful start of this new chapter. Having proved the efficacy and the popularity of the STEER business model in our Washington, Toronto and Texas markets, we are focused on continuous growth and replicating success in new North American markets. Shortly after British Columbia, our continent-wide rollout will continue with planned launches in Florida and California,” said Suman Pushparajah, CEO of STEER.

About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.

For more about the Company, visit www.facedrive.com.
Suman Pushparajah, CEO
suman@facedrive.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, and the company’s forward plans to rebrand. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to the Company’s planned future launches and intended fleet growth, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022) and its interim MD&A for the period ended March 31, 2022 (filed on SEDAR on May 30, 2022) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

¹ https://www.alliedmarketresearch.com/car-subscription-market-A10188#:~:text=The%20global%20car%20subscription%20market,with%20a%20CAGR%20of%2021.7%25
² https://news.gov.bc.ca/releases/2022EMLI0037-000869
³ https://www.nrcan.gc.ca/energy-efficiency/transportation-alternative-fuels/zero-emission-vehicle-infrastructure-program/21876

View source version on businesswire.com: https://www.businesswire.com/news/home/20220815005275/en/

Company Contact: Maria Verbytska, investor@facedrive.com

Media Contact: Sana Srithas, sana@facedrive.com, Tel: 1-888-300-2228

Source: STEER Technologies Inc.

FAQ

What new service area has STEER Technologies Inc. launched for its EV subscription?

STEER Technologies Inc. has launched its electric vehicle subscription service in British Columbia, Canada.

When did STEER EV begin operating in British Columbia?

STEER EV began operating in British Columbia as of August 2022.

What is the growth projection for the car subscription market that STEER EV is entering?

The car subscription market, which STEER EV is entering, is projected to grow from $3.55 billion in 2019 to $12.1 billion by 2027.

What is the significance of the British Columbia market for STEER EV?

The British Columbia market is significant for STEER EV as it supports electric vehicle adoption and represents a key geographic expansion for the company's services.