TORONTO, July 5, 2022 /CNW/ – Facedrive Inc. (“STEER” or “the Company“) (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce that STEER EV, the Company’s electric vehicle (“EV“) subscription-based service, has added a new service area, Texas, to its US operations. The service is immediately available to the residents of the state, with the regional hub situated in Austin. STEER EV has been growing its fleet in Q1 – Q2 2022, and plans an ambitious expansion trajectory both in fleet size and geographical presence for Q3 through Q4.
STEER EV, a technology-driven EV subscription platform, was acquired by the Company from Exelorate Enterprises LLC, a subsidiary of Exelon Corporation (NASDAQ: EXC), in September 2020. STEER EV was created to challenge the traditional car ownership model and accelerate the general public’s switchover to environmentally friendly transportation through an automobile subscription service. 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 service.
The Company sees STEER’s EV subscription business capitalizing on two mega-trends in the personal transport industry. The global electric vehicle market is expected to grow at an appreciable rate of 26.8% CAGR from 2021 to 20301, and consumers are increasingly opting for more flexible driving options such as per-use or subscription-based services instead of traditional car ownership. STEER EV’s expansion into Texas is also a critical step in the scaling up of the Company’s operations, as this state represents the second largest car market in the United States.2
In the first phase of its launch in Texas, STEER’s fleet will consist of Tesla Model S for the “Premier Performance” tier, Tesla Model Y for the “Preferred Plus” tier and Tesla Model 3 vehicles for the “Preferred” tier. The Company feels the local market response has been particularly strong and has already resulted in significant oversubscription, based on the Company’s current capacity levels in the region. STEER plans to meet this demand by continuing to scale up operations, including adding more vehicles to the fleet in the weeks to follow.
STEER’s expansion to Texas comes within the context of rising gas prices, coupled with growing public attention to the issue of climate change and governments’ intensifying efforts to mitigate these effects. As an ESG ecosystem, STEER is committed to addressing environmental, social and governance concerns, and will continue working towards a better future alongside responsible governments, businesses and individuals. Capitalizing on the ongoing dramatic shift in the automotive industry and consumer behavior patterns, the Company’s STEER EV division has embraced the rising global trends of environmental consciousness and sharing economy.
STEER EV aims to combine the compelling story behind STEER’s vision with excellent customer service standards and a commitment to operational excellence. Its customer signup process is easy and can be started in one click on the official STEER EV mobile app in IOS and Android app stores, while more information on the service and support options is available on the STEER EV website www.steerev.com. STEER’s all-in subscription price for an EV vehicle includes driver essentials such as insurance, routine maintenance and repair, and a concierge service that removes the hassle of car ownership while enabling seamless vehicle swaps. STEER’s seamless user experience, bespoke concierge service and growing fleet enables it to aspire for a leadership position in the industry and grow a loyal fan base in its existing markets.
“The launch of STEER EV to Texas, USA, marks an important next step in the platform’s North American expansion and reflects the ever-growing demand for environmentally responsible transport by both individuals and enterprises. Furthermore, STEER EV meets an unfulfilled demand in the marketplace for a turnkey car subscription service. Having proved the efficacy and the popularity of the STEER business model in our Washington and Toronto markets, we are focused on replicating its success in Texas and offer hassle-free and flexible access to high-quality EV’s to the state’s residents. After Texas, our nationwide rollout will continue with the launch in Florida which is anticipated in the next 60 days, followed by launches in British Columbia and California,” said Suman Pushparajah, CEO of STEER.
SOURCE Facedrive Inc.