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