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STEER EV subscription platform expands into Texas

STEER EV Subscription Platform Expands to Texas (CNW Group/Facedrive Inc.)

TORONTO — Facedrive Inc., an integrated ESG technology platform, announces that STEER EV, the Company’s electric vehicle 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 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, in September 2020. STEER EV was created to try and 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 says that 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’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.