TORONTO – STEER has announced that its electric vehicle subscription service (“STEER EV”) has added Florida, USA, as a new service area with an operational hub in Tampa. STEER EV’s subscription service is available to eligible residents of the state as of September 2022. After successfully securing the financing necessary to facilitate further growth, STEER is actively expanding its geographical footprint throughout the second half of 2022 and growing its EV fleet to support the new regions in operation.
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 one of the leading providers of subscription-based EV services, 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 favor 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%. 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 it well to capture growth in the electric vehicle subscription services market in the years to come.
Florida represents a key market to the STEER EV platform, strengthening its leadership position in the Southern region of the USA and providing for greater fleet management efficiencies. The Company also feels this expansion strongly aligns with the commitment of the US Government to build out a network of 500,000 electric vehicle chargers along America’s highways and in communities by 2030 as part of a shift towards cleaner fuels and general decarbonization of the country’s transportation sector.
“We are excited to bring our EV subscription services to Florida, which is our third market in the USA and fifth overall. Florida is home to diverse and vibrant communities, and we are looking forward to assisting them with their green transportation needs. This is also STEER’s third consecutive month adding new operational areas to its service network, with Texas added in July and British Columbia in August. This reflects our team’s hard work and dedication to delivering on its commitment to offer new sustainable personal transportation options to more communities in North America this year. Shortly after Florida, the STEER EV service should become available to the residents of California,” said Suman Pushparajah, CEO of STEER.