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.
___________________________________
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1
https://www.globenewswire.com/news-release/2021/06/11/2245781/28124/en/The-Worldwide-Electric-Vehicle-Industry-is-Expected-to-Grow-at-a-CAGR-of-26-8-from-2021-to-2030.html
|
2
https://www.statista.com/statistics/196010/total-number-of-registered-automobiles-in-the-us-by-state/
|
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 launch in Texas 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.
SOURCE Facedrive Inc.