ev charging business plan pdf

EV Charging Business Model

By Baptiste Maisonnier , Tim Longstaff and Juan Luis Vilchez

What will it take to win the EV charging race?

"It seems that the road ahead for EVs is sunny and wide open. There's just one problem – are there enough chargers to support the booming EV market?"

The growing adoption and use of electric vehicles (EV) in Europe is leading to an increased demand for EV charging infrastructure. Future bans on the sale of combustion engine vehicles plus the increasing cost competitiveness of EVs vs conventional vehicles means that demand for charging infrastructure is here to stay. While the market is rapidly expanding, it isn’t without its challenges, the most problematic being the highly unpredictable behaviors of EV drivers. Charging companies are testing out various use cases with relevant business models to adapt to these behaviors, but no clear winner has emerged yet. Roland Berger’s latest study, “EV charging: What will it take to win? | Successful business models for a complex market,” posits that four types of business models prevail and that the race to scale has started. It lays out what it will take to win in each of these and predicts that the market will consolidate from 2025.

The problem with supply and demand

EVs currently make up around 2% of the European car fleet (EU27, UK, Norway). This number is expected to jump to 18% by 2030 and 95% by 2050. In addition, EV participation in the light vehicle fleet is also expected to rise an average of 34% per year, from 4.4 million units in 2022 to 45.5 million in 2030. While the increased demand for EVs spells good news for the environment as well as EV manufacturers, insufficient charging infrastructure has long posed a challenge for EV owners and producers.

The situation today has vastly improved. EV range has now reached satisfactory levels for most short distance users, with the average range expected to grow from 336 km in 2019 to 380 km in 2025 and then 440 km in 2030. Nevertheless, concerns about being unable to charge their cars on certain routes or having to wait long to do so are holding back internal combustion engine (ICE) owners from switching to EVs.

The solution: a widespread charging infrastructure .

A market primed for scalability

For EV charging players, the market is ripe for picking. The rising demand for EVs coupled with technological readiness and partnership opportunities has led to a market that is primed for scalability.

Unsurprisingly, investment in the electric charging market is soaring. Some players have even achieved unicorn status, with valuations of more than $1 billion.

The aim now is to scale and expand faster than competitors, secure optimal public charging locations, and grow their network.

Four market segments, four paths to success

As EV players take advantage of this growing market, four segments are emerging. These segments can be plotted along two different axes: capital expenditure (CAPEX) risk levels (asset light or asset heavy) and charging speed (slow charging or rapid charging).

• Segment 1 – Asset heavy/Rapid charging: Long-term returns for players in this segment depend upon the quality of the infrastructure. They need to have high-quality hardware and strategic locations where customers would be in most need of quick, powerful charging (for example, along a highly utilized highway and points of interests).
• Segment 2 – Asset light/Rapid charging: Charging Points Operators (CPOs) should establish strong commercial partnerships with location owners to install and operate chargers in high-traffic locations. To that end, providing customized services (co-branding, rewards schemes etc.) is key Being asset-light means that players in this segment must leverage high-quality installation and operations services through reputable partners.
• Segment 3 – Asset heavy/Slow charging: Players should identify the right niche as this is a limited market position. This will allow them to make the most out of partnerships and build a strong user base.
• Segment 4 – Asset light/Slow charging: This segment relies on low costs for operations and maintenance. Smart services can also be more easily implemented, which boosts users’ experience.

As the market matures, two to three major players in each segment capitalizing on various opportunities are likely to emerge.

The future of the EV charging market

Even as the demand shows no signs of slowing down , the question remains: how will the market develop and who will emerge as the key players?

A raft of players are expected to remain in the market until around 2025, at which point the market is expected to consolidate. The winners will be those who make the right moves in the next 2-3 years and raise the necessary CAPEX to deploy their network quickly and in the best locations. These players will also need to follow a well-defined roadmap to conquer their target market.

Register now to download the PDF on “EV Charging: What will it take to win?” and learn more about successful business models for a complex EV market as well as current challenges for the automotive industry.

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As the popularity of electric vehicles (EVs) grows, so does the need for reliable and convenient charging solutions. While residential chargers are available, they are often slower than commercial charging stations, and drivers may forget to charge their vehicles before hitting the road.

This presents an opportunity for entrepreneurs to take advantage of the growing demand for EV charging capacity. But how do EV charging stations make money, and what are the steps involved in starting an EV charging business ?

In this blog post, we'll explore the ins and outs of owning and operating an EV charging station, from finding the right location to choosing the best charging equipment.

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Why Can an Electric Vehicle Charging Station Business Be an Opportunity?

To support the transition to EVs, the US Department of Transportation announced the National Electric Vehicle Infrastructure (NEVI) program in 2022, a $5 billion initiative to deploy a national network of EV charging stations on major highways.

The program is designed to instill confidence in drivers considering the switch to EVs, encourage private investment in charging infrastructure , and support President Biden’s goal of reaching an EV market share of 50% of all vehicle sales and establishing a network of 500,000 charging stations by 2030.

NEVI funding will be allocated over five years until 2026. The Biden Administration’s Bipartisan Infrastructure Law will invest $7.5 billion in EV charging and $10 billion in clean transportation. With more than 3 million EVs currently on the road and only 130,000 public charging stations in the US, there is a large gap to fill to reach the 2030 goal.

The financing from these initiatives will help businesses to cover the cost of installing and owning EV charging stations, making it an attractive investment opportunity. By getting in on the ground floor of this growing industry, entrepreneurs can help shape the future of transportation while generating a steady stream of passive income.

How to Start Your Own EV Charging Station Business?

Interested in starting your own EV charging station business? Here are four key steps to get you started.

Step 1: Identify Your Business Model

Before you invest in any charging station equipment, it is important to understand how to make money from an EV charging station. There are four primary types of EV charging businesses:

• Charging station companies that own and operate chains of chargers;
• Turnkey installers that supply and install charging station equipment and software for other businesses;
• Service providers that offer ongoing maintenance and financing programs to charging station owners;
• Consultants that provide advice to businesses on equipment and software selection and operation.

To streamline this guide, we will concentrate on the process of launching a charging station company.

Step 2: Choose the Right EV Charging Stations

To select the appropriate EV charging station, It is important to understand its key features, such as charging speed, power output, charging capacity, and the number of charging ports.

Conduct thorough research on equipment suppliers with a reputation for high-quality products and customer service. You should also research the needs of your local market to decide on the type of charging station that is likely to attract the most demand.

Choose equipment that is reliable, efficient, safe-compliant, weatherproof, and compatible with different EV models. Opt for smart software that supports Internet connectivity and enables remote maintenance, management, and control.

Step 3: Choose the Right Spot

The location of EV charging stations depends on visibility and access to a power source. Installing charging stations close to a power source will reduce setup costs while placing them in high-traffic and easily visible locations will help attract regular customers.

Targeting a single vertical market, such as multi-family housing units, workplaces, hotels, or restaurants on frequent travel routes, is a good starting point. Explore partnerships to set up your first charging locations and gradually expand your charging network.

Step 4: Design and Install Your EV Charging Stations

Consider factors such as electrical supply, safety, space, accessibility, energy efficiency, network connectivity, smart metering, and payment systems when designing and installing your EV charging stations.

Test the charging stations before opening them to the public, and ensure that the payment and network systems are fully functional.

Finally, promote the new charging station site to attract EV owners and encourage regular use.

What's the Cost of Installing EV Charging Stations?

The average initial cost of installing a Level 2 EV charger in the US is around $6,000. For a charging station with 5 or 10 charging points, the cost could range from $30,000 to $60,000, with ongoing expenses for the electricity supply and equipment maintenance.

The full cost of opening a charging station depends on factors such as materials, infrastructure, and installation.

Preparing the site can often constitute the most expensive stage, incurring expenses for purchasing and installing the electrical infrastructure, wiring, connectors, and concrete. Repainting and adding custom branding signage also raise upfront costs.

Once the site is ready, the cost of installation varies depending on the location, power supply service, number of chargers, labor, permits, and taxes.

Ways to Reduce the Cost

While installation costs can be significant, a reliable contractor can help minimize expenses by identifying bulk order discounts and other cost savings opportunities.

Additionally, tax incentives are available under government plans to attract investment for a national EV charging infrastructure. The Alternative Fuel Vehicle Refueling Property Tax Credit , extended under the Inflation Reduction Act, allows qualifying EV charging installations installed after 2022 to receive a federal tax credit of 30% up to $100,000.

In addition, there are local incentives available from some state governments and public utilities for buying and installing EV charging stations.

Another way to reduce ongoing operational costs is to install on-site solar panels to provide electricity supply rather than paying for power supply from the grid, although solar power systems have high upfront costs.

Electrly: A Reliable EV Charging Solution Provider

Electrly is the perfect partner for anyone who wants to start an electric vehicle charging station business. Our skilled and professional team offers a full range of services from research and development to after-sales service. We are committed to customer satisfaction and strive to improve the customer experience in every task we undertake.

Whether you are looking to level 2 AC EV chargers or DC fast EV chargers , Electrly has the ideal product to meet your needs. We take pride in our commitment to quality and reliability, ensuring that our products meet the highest standards.

Contact us today and we will provide the perfect EV charging solution for your business. Trust Electrly to be the ideal partner for starting your EV charging station business.

Capitalize on Growing EV Demand with a Charging Station Business

As electric vehicle adoption grows, the demand for charging locations will increase exponentially. To meet this demand, an extensive network of charging stations will be required, and charging businesses can play a key role in supporting and facilitating the transition to greener, sustainable modes of transportation.

Don't miss out on this exciting business opportunity. Get in touch with us and we'll help you achieve your business goals with our comprehensive EV charging solutions.

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The complete guide to starting an EV charging station business

Vehicle electrification is a small but mighty step in addressing the climate crisis. The recent surge in EV sales is encouraging, but all those vehicles need charging—and we have a ways to go before charging stations become as accessible as gas stops. Fortunately, savvy businesspeople around the globe want to help. They’re wondering how to start an EV charging station business in ever-increasing numbers. 

This comprehensive guide will take you through the process, shedding light on the necessary market research, popular business models, grant opportunities, technical and regulatory standards, and more you’ll face in the course of business. Equipped with this info, your business will be up and running faster than a DC charger fills a battery.

Funding your EV charging station business

When investigating how to start an EV charging station business, grants stand out as an attractive inroad. It's important to consider each carefully, making note of hard deadlines, explicit program goals, desired outcomes, and guidance about how the funds can be used.

Grant opportunities

President Biden's Bipartisan Infrastructure Law carved out billions in federal funding for infrastructure for electric and hydrogen-powered vehicles. These grants, offered by the US Department of Transportation , can provide a minimum of $500,000 in funding, but take note: The funding must go toward rural communities of less than 10,000 people. These areas likely have next-to-no competition, which could give you an early foothold in expanding markets.

Volkswagen's Diesel Emissions Environmental Mitigation Trust came out of the company's emissions scandal as an effort to undo some of the damage it caused. The trust as a whole creates grant opportunities for projects encouraging the adoption of sustainable transportation, and a portion of it is dedicated specifically to developing EV charging infrastructure in the US. The National Association of State Energy Officials (NASEO) has general info about grant opportunities, but applicants need to check their state's website for specific requirements, as the trust allocates funding at the state level.

Speaking of the state level, several have their own funding offerings. California's Clean Transportation Program offers a mix of grants, contracts, and rebates for EV charging infrastructure, among other sustainable transportation solutions. New York's ChargeNY initiative targets EV charging, specifically. With Charge Ahead Colorado , that state offers grants for the installation of Level 2 and Level 3 fast charging stations in public and private locations. Be sure to check for funding opportunities in your state.

A great starting point in Canada is the Zero Emission Vehicle Infrastructure Program . This $680 million program has carved out funding for EV chargers across the country, but competition is stiff. To be eligible, your proposal must include at least one charger of 200 kW and above, two fast chargers of 50 kW and above, or 20 chargers of all charging levels. Check out our ZEVIP resources page for more info.

For more funding opportunities for your electric vehicle charging station business, read 7 EV charging station grants to apply for when starting your EV business.

Choosing a business model

There are a few common models those wondering how to start an EV charging station business typically consider. The right one for you will vary according to your goals, expertise, and available resources.

Charging network

Charging networks work like gas station chains. In this model, you'll own stations at several locations to maximize market density. By charging EV drivers flat or variable rates based on fluctuations in power supply, you'll bring in revenue. You'll either operate the stations yourself or pay a service to maintain them.

This model is very time and resource-intensive because it demands an upfront investment in infrastructure in addition to ongoing maintenance (which in turn demands expertise). It makes the most sense for gas station chains that want to move into the EV space.

Solutions provider

Rather than provide the charging infrastructure, solutions providers sell EV hardware, software, and services to residences, commercial buildings, fleet operators, and more. Their offerings vary, including consultation, maintenance, turnkey services for businesses looking to provide EV amenities, and more. Payment occurs either at installation, monthly, or annually if service is ongoing. In this model, turning a profit means soliciting discounts on hardware and software you then sell at a markup. Strong sales and customer service skills are vital to this model, and experience with EVs or other green tech can be a boon.

To learn more about how to start an EV charging station business with a model that works for you, read How to develop a profitable EV charging station business model.

Maintenance considerations for an electric vehicle charging station business

Operating a successful electric vehicle charging station business means ensuring every piece of the operation stays in working order. That keeps customers happy and revenue flowing. As sophisticated feats of engineering, Level 2 and DC fast chargers have several components you'll need to maintain.

The hardware components of an EV charger include its charger box, battery, switches, converters, cables, and connectors. Outer components should be checked for damage and wear on a regular basis, with supplemental checks performed after stormy weather. Connectors and cables must be cleaned of dust and other debris to ensure they work well for as long as possible.

Power management

Use your charging station management system (CSMS) to allocate safe and efficient loads for each of your chargers. The system should have safeguards in the event of lost connectivity, maintaining max charge set points in non-volatile memory. A software-driven power management system will outperform local load management features available on the hardware itself. Some systems, including ChargeLab, can detect a full vehicle battery and reallocate power to other chargers on the fly. 

If your Level 2 charger takes more than a few hours to give a full charge, or your DC fast charger takes over an hour, you may have a voltage issue that requires fixing or replacing the battery.

Payment processing

EV charging stations rely on payment processing infrastructure such as RFID readers and credit card scanners to collect customer payments. Customers typically transact either via their mobile device (in-app or on the web) or through an external point-of-sale interface. Your CSMS should have complete and accurate receipt information to maintain compliance with CTEP.

Connectivity

If a charging station in your network disappears from your CSMS, that's a sure sign something needs fixing. It may be that the station itself has a hardware problem that requires repair, or it may be a simple connection problem. Choosing a CSMS provider that offers customer support can accelerate troubleshooting and safeguard against extended outages.

For more on maintenance considerations, read A guide to EV charging station maintenance.

Need-to-know EV charging station regulations

Several standards have been propagated around EV charging, handed down by hardware manufacturers, software designers, car manufacturers, and national governments. Here are two of the most important ones in the United States.

National Electric Code Article 625

If you want to know how to start an EV charging station business safely in the US, you need to review NEC Article 625. That article sets the bar for installing and maintaining EV charging equipment, from where to put the equipment to what kind of materials to use. Some key points:

• EV charging systems can be placed indoors or outdoors as long all their physical infrastructure fits and their charging cables can reach EV charging ports. However, where you place your system will affect your ventilation, waterproofing, and shock protection needs.
• EV chargers must be stored 18 inches above the ground if indoors or 24 inches above the ground outdoors.
• EV charging systems must use cables appropriate for their location. Those cables should carry one of the following labels designating NEC approval: EV, EVJ, EVE, EVJE, EVT, or EVJT. Charging cables longer than 25 feet require a cable management system, but the standard practice is to manage shorter lines, too.

National Electric Vehicle Infrastructure (NEVI)

With $5 billion in federal funding available for EV charging systems, the Department of Transportation (DoT) stepped in with guidelines around who could apply for funding. Funding applicants must meet the National Electric Vehicle Infrastructure standard, which went into effect on March 30, 2023. The standard is designed to promote interconnected EV infrastructure along federal highways, but any system that uses Title 23 federal funds must meet it no matter its location. NEVI covers topics such as eligible charger types, payment processing, cybersecurity, data privacy, and labor rules.

For more on EV charging station standards, read The big list of EV charging station standards and specs to know.

The importance of universal charging stations

Universal EV charging stations are designed to let EV owners charge their cars no matter what hardware standard or software system is in place. This interoperability makes owning (and recharging) an EV simpler and more practical, which drives further adoption.

In the current EV charging station landscape, operators have to deal with several inconsistencies among different chargers. For example, the wide gamut of hardware can make it difficult to scale a charging network efficiently. But with universal charging software, operators can mix and match products from various manufacturers according to their own budgetary, market, and quality concerns to create the stack that works for them. EV drivers benefit, too, as open protocol charging frees them from painstakingly planning every charging stop on their trip.

Despite their promise, universal charging stations have yet to conquer the market. Many EV chargers claim to be universal, but drivers frequently visit charging stations that turn out to be incompatible. This makes it hard for potential EV owners to trust they can recharge when needed and complicates ownership of EV charging stations.

ChargeLab was one of the first 50 members of the Open Charge Alliance and has advocated for the adoption of open protocols in EV charging since the very beginning (in fact, we run an entire boot camp program for manufacturers to improve their OCPP compliance!). 

For more on universal charging stations and the future of EVs, read How universal EV charging stations are driving EV adoption.

Critical EV charging standards

As the EV industry matures, more and more manufacturers are adhering to standards that maintain high levels of quality and consistency for consumers. Standards now exist that govern operation, installation, and safety.

Operating standards

• SAE International standards , devised by an industry group of mobility professionals, establish hardware and software guidelines.
• ISO 15118 sets a standard for digital communications between an EV and the charging station.
• Open Charge Point Protocol (OCPP) is a universal communications standard that allows the hardware and software of different providers to work together.
• Open Charge Point Interface (OCPI) is an automated roaming protocol that lets charging stations serve drivers outside their network.
• The Canadian Electricity and Gas Inspection Act provisions for safety requirements and EV charging outputs.

Installation and permitting standards

• The Alternative Fuels Data Center maintains a list of installation requirements from the US government, and its permit template provides a solid framework for what to expect.
• The Americans with Disabilities Act (ADA) will apply to your electric vehicle charging station business, so be sure to review it during planning to ensure disabled customers can charge with ease. The Accessible Canada Act applies many similar requirements.

Safety and security

• SOC 2 compliance helps ensure a high standard of information security.
• PCI DSS compliance safeguards customer payment info and keeps your business in good standing with payment card companies.

To learn more about the regulations and standards that affect how to start an EV charging station business, read The big list of EV charging regulations and standards.

Charger specifications to know when starting an EV charging business

EV chargers have different specifications based on their expected charging level. There are three levels in total:

• Connection : Standard 120V outlet
• Charge speed : 5 km or 3 mi per hour of charging
• Average time to full charge : 20+ hours

Level 1 chargers are the simplest to manage because they use existing electrical infrastructure. That makes them a good fit for residential or emergency use. On the other hand, their slow charging speed disqualifies them from commercial use.

• Connection : 240V outlet
• Charge speed : 30–50 km or 20–30 mi per hour of charging
• Average time to full charge : 6 to 14 hours

Level 2 chargers require specialized installation, using higher-voltage outlets and dedicated software to charge faster and intelligently bill customers automatically. They're well suited to retail deployments.

• Connection : Direct current
• Charge speed : 200 km per hour or 124 mi per hour
• Average time to full charge : 20 minutes to an hour

Level 3 chargers use direct current (DC), which requires specialized hardware and electrical infrastructure. This gets them unparalleled charging speeds, making them ideal for thoroughfares and along major highways as gas station replacements.

EV connector types

Part of starting an EV charging station business means choosing which connector types to support. Some of the most popular examples include:

• SAE J1772 : The North American standard, also known as the J Plug, supports Level 1 and 2 charging systems.
• IEC 62196 Type 2 : The European standard supports Level 2 chargers.
• Combined Charging System (CCS): A DC connector for Level 3 charging in North America and Europe.
• CHAdeMo : A DC connector designed by the Japanese company of the same name and popular in Japan.
• GB/T : The standard connector in China, with different models for each of the three charging levels.
• NACS : A formerly proprietary connector for Tesla EVs, the North American Charging Standard is now open to the industry. Automakers, including Ford, GM, Nissan, and beyond, have announced plans to adopt the standard.

For more on installation requirements and network compatibility, read EV charger specifications every pro needs to know .

Maximizing ROI when adding EV charging to your business

As the number of EVs on the road has more than tripled in the past three years, demand for hotels, condos, and other businesses to add charging stations to their offerings has continued to mount. These chargers' return on investment (ROI) can include additional revenue, brand appeal, and cost savings with the careful deployment of EV charging incentives.

To determine your ROI, begin by understanding your customers. How safe will they feel leaving their vehicles in your care, and how quickly will they need their cars recharged? The busier your business, the more sense it makes to invest in fast Level 3, or DC, chargers. Businesses with slower customer turnover, such as hotels, can likely use a higher ratio of Level 2 chargers.

Next, you'll need to determine where to place these chargers for maximum benefit. Performing market research on the demand for chargers in your area can help clarify this process, as can consulting with a financial advisor with regard to installation costs.

Speaking of: The easiest way to install EV chargers is to turn to an EV solutions provider. They'll do the research, install, and operate the charging stations for you. As an EV infrastructure provider, they likely qualify for more rebates than your business. They're also experts in their field and can guide you through permitting, rebate application, and installation. Finally, they're there to help should something go wrong with the chargers.

To learn more about the incentives set to benefit businesses that install EV charging stations, read 7 EV charging incentives for businesses going green.

Supercharge your electric vehicle charging station business

Moving into electric vehicle charging is a chance to power both a better world and a healthier bottom line, and investing in the right tools early can make both easier. That's why we at ChargeLab designed our CSMS for deep functionality and wide-ranging flexibility. No matter your hardware, we're here to help. Reach out today to learn more .

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Electric Car Charging Station Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Automotive Sector

Are you about starting an electric car charging station? If YES, here is a complete sample electric car charging business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting an electric car charging station. We also took it further by analyzing and drafting a sample electric car charging station marketing plan template backed up by actionable guerrilla marketing ideas for electric car charging stations. So let’s proceed to the business planning section .

An electric vehicle charging station business is one adventurous business to delve into. With the right location, top-notch services and good marketing, you can serve large customers who own electric vehicles or bikes.

It is imperative to mention that starting up an electric vehicle charging station business needs significant investment capital, solid planning, and concentration to detail in order to keep your business profitable. The demand for electric vehicle charging services is on the increase but just like any other business, the demand for such services usually decline during recession due to declining household spending on extra services.

As the economy grows, and income increases, there will be corresponding increase in the purchase of electric vehicles and bikes hence increase in demand for electric vehicle charging services.

So, if you have decided to start your own electric vehicle charging station business , then you should ensure that you carry out thorough feasibility studies and also market survey. Business plan is yet another very important business document that you should not take for granted when launching your electric vehicle charging station business.

Below is a sample electric vehicle charging station business plan template that can help you to successfully write your own with little or no difficulty.

A Sample Electric Car Charging Station Business Plan Template

1. industry overview.

According to Wikipedia, an electric vehicle charging station, also called an EV charging station, electric recharging point, charging point, charge point and EVSE (electric vehicle supply equipment), is an element in an infrastructure that supplies electric energy for the charging of electric vehicles such as plug-in electric vehicles, including electric cars, neighborhood electric vehicles and plug-in hybrids.

The fact that electric vehicles require charging gives room for entrepreneurs to start electric vehicle charging station businesses. It is important to state that charging times vary from one model of electric vehicle to another. For example, the Nissan Leaf takes about eight hours to charge, and gives a range of 135 kilometers.

So also, charging times could be a deterrent to consumers looking to purchase an electric vehicle, particularly as such vehicles are competing with commercially successful hybrids. Though, the new Tesla Model S takes just five hours to charge, and gives a range of around 480 kilometers. This goes to show that the electric vehicle – technology is constantly improving.

Aside from mini Electric Vehicle Charging Stations, most players in this line of business operate a full service Electric Vehicle Charging station. A full services EVC station has attendants that operates the charging ports, often wipes the windshield, and sometimes checks the vehicle’s component parts and tire pressure, then collects payment and perhaps a small tip.

The Global Electric Vehicle Charging Stations industry is indeed a very large industry and pretty much thriving in developed countries. According to IHS Automotive, the global production market for pure electric and plug-in hybrid electric (PHEV) vehicles is expected to grow significantly between 2014 and 2022.

The global EV Charger (EVC) market is forecast to grow from more than 1 million units in 2014 to more than 12.7 million units in 2023. The report shows that the deployments of the charging stations are dependent on a highly variable price range.

The price can range from $395 USD for a simple domestic wall box to more than $35,000 USD for a DC charging station. This figure does not include installation costs that could add $10,000 in the case of a DC charging station, depending on its location and accessibility.

Aside from Japan, Europe and North America also have their own fast charging standard, Combined Charger System (CCS).

This type of a fast-charging station is supported by the majority of OEMs, such as Audi, BMW, Daimler, Chrysler, Ford, GM, Porsche, and Volkswagen. Vehicles with fast DC charging capability based on the CCS standard have only been on the road since 2013.

The major breakthrough in the Global Electric Vehicle Charging Stations industry came as a result of the increase in electric vehicle ownership which can be attributed to campaign for saving the ecosystem.

Statistics shows that as of March 2013, 5,678 public charging stations existed across the united states, with 16,256 public charging points of which 3,990 were located in California, 1,417 in Texas, and 1,141 in Washington. As of November 2012, about 15,000 charging stations had been installed in Europe.

In the bid to stay afloat in the fast – growing electric vehicle charging station line of business, owners of EVC stations now go the extra mile to ensure that they make their facility welcoming and conducive for customers. EVC stations now have vulcanizing services, car wash, convenience stores, coffee bars, snack bars, and cigar lounge within their facility so as to leverage on the opportunities around them to generate more income.

Although the Electric Vehicle Charging Stations industry can be said to be a green industry, but it does not in any way stop entrepreneurs who are creative and financially capable of making a headway in the industry. It is indeed a profitable industry especially when the business is well located.

No doubt busy highways and busy cities with growing population of Electric Vehicle owners is highly suitable for this business. The catch is that if there are electric vehicle users in any city, then the city would have need for an electric vehicle charging station.

2. Executive Summary

Stevenson Hi-Tech® EVC Station, Inc. is a fully registered and licensed Electric Vehicle Charging station that will be located along a busy community in Miami – Florida, U.S. We will operate a public quick-charge station (fast charging system) that is greater than 40 Kw and delivering over 60 miles (100 km) of range in 10–30 minutes.

Our chains of EVC stations that will be scattered all around major cities in the United States of America will adopt full service, minimum service and self-service as it suits the location.

Our basic services would include charging and providing battery swap for electric vehicles and bikes. We will also run a convenience store, car wash, vulcanizing services, wheel balancing services, wheel alignment services and other related automobile repair services.

We are quite aware that in order to become the number one choice for electric vehicles and electric bike owners who ply the route where our EVC stations will be located, we must continue to make our EVC station welcoming and easy to operate, and that is exactly what we will do.

We are open to the use of latest technology in the electric vehicle charging industry. Our excellent customer service and the range of additional complementary services we offer will position us to become one of the most preferred electric vehicle charging stations in Miami – Florida.

At Stevenson Hi-Tech® EVC Station, Inc., we are passionate in the pursuit of excellence and financial success with uncompromising services and integrity.

We are in the industry to make a positive mark. We are quite optimistic that our values and quality of service offering will help us drive our electric vehicle charging station business to enviable heights and also help us attract the number of clients that will make the business highly profitable.

We are a company that will be dedicated to establishing and maintaining the best practices as it relates to the global electric vehicle charging industry.

Stevenson Hi-Tech® EVC Station, Inc. will ensure that all our customers are given first class treatment whenever they visit our electric vehicle charging stations. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the number of our customer base may grow to.

Stevenson Hi-Tech® EVC Station, Inc. is owned and managed by Mr. Stevenson McCarthy and his immediate family members.

The business will be financed by the Mr. Stevenson McCarthy and family and they will be actively involved in the day to day operation of the EVC stations. Mr. Stevenson McCarthy has a B.Eng. in Business Electric Electronics Engineering for Illinois Institute of Technology and he has over 15 years of experience in the automobile industry .

3. Our Products and Services

Stevenson Hi-Tech® EVC Station, Inc. is a fully registered and licensed standard EVC station that is positioned in the Global electric vehicle charging stations industry in the United States of America to maximize profits. Aside from the fact that we will also engage in other complimentary services that will help us maximize profits. These are the products and services that will be made available to our customers;

• Providing fast charging system and battery swap for electric vehicles and bikes
• Selling electric vehicle spare parts
• Providing electric vehicles repair services
• Providing wheel alignment, wheel balancing and vulcanizing services
• Retailing of groceries, snacks and soft drinks et al

4. Our Mission and Vision Statement

• Our Vision is to operate chains of electric vehicle charging stations all across major cities in the United States of America.
• Our mission is to develop a highly successful and profitable electric vehicle charging station business with state of the art facility and latest technology; a business that will not only meet the needs of our clients but also supersede their expectations.

Our Business Structure

Stevenson Hi-Tech® EVC Station, Inc. is set to become one of the leading electric vehicle charging stations in the whole of Florida and other cities where our chains of EVC stations will be located hence the need for us to build a solid business foundation and business structure that will enable us achieve our aims and objectives.

Excellent customer service and efficiency are top priority for us which is why we will ensure that we look for applicants that match the picture of the business who want to build before hiring them. Although we will provide training, but we will ensure that we shortlist applicants that are customer centric.

We want to build a team that will work together to help the organization achieve its set targets. We will not only hire attendants that will help supervise our EVC stations and attend to customers need when they patronize our services.

We will also hire employees that will manage our convenience store, and snacks bar, cigar lounge, vulcanizing services, wheel balancing, wheel alignment and other electric vehicle repair and maintenance services. Stevenson Hi-Tech® EVC Station, Inc. will employ customer centric and skilled people to occupy the following position;

• Chief Executive Officer

EVC Station Manager

• Accountant /Cashier
• Human Resource and Admin Manager
• EVC Technicians/Attendant
• Convenience Store, Coffee Café, Snacks Bar, Cigar Lounge Manager
• Vulcanizing Services, Wheel Balancing, Wheel Alignment and Electric Vehicle Repairs and Maintenance Manager
• Car wash Operators
• Security Guard

5. Job Roles and Responsibilities

Chief Executive Officer – CEO (Owner):

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
• In charge of signing checks and documents on behalf of the company
• Assesses the success of the organization
• Responsible for overseeing the smooth running of the EVC station
• Maps out strategy that will lead to efficiency amongst workers
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs
• Ensures that the electric vehicle charging station meets the expected safety and health standards at all times

Human Resources and Admin Manager

• In authority of overseeing the smooth running of HR and administrative tasks for the organization
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Defining job positions for recruitment and managing interviewing process
• Carrying out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Oversee the smooth running of the daily office and station activities

Convenience Store, Coffee Café, Snacks Bar, and Cigar Lounge Manager

• Interacts with customers, take orders for coffee and snacks
• Responsible for preparing different flavor and style of coffee for customers
• Makes lists of supplies in conjunction with the bar manager
• Responsible for quality control
• Assesses customers’ needs and preferences and make recommendations
• Prepares inventory or purchase requisitions as needed to replenish supplies
• Ensures that the assigned bar area is fully equipped with tools and products needed for mixing beverages and serving guests
• Responsible for managing the cigar lounge
• Clears ashtrays regularly
• Ensure that the assigned lounge area is fully equipped with tools and products needed by our clients

Accountant/Cashier

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

EVC Technicians/Attendants

• Operates the various charging ports
• Responsible for swapping and fixing electric vehicle batteries as requested by our clients
• Assists customers as required by them especially on how to operate our fast charging electric ports
• Responsible for minor repairs and maintenance of faulty charging ports
• Handles any other duty as assigned by the EVC station manager

Vulcanizing, Wheel Balancing, Wheel Alignment and Automobile Repairs and Maintenance Manager

• Responsible for running our vulcanizing, wheel balancing, wheel alignment and electric vehicle repairs maintenance services

Carwash Operators

• Washes and thoroughly clean cars (exterior car washing, interior cleaning, and waxing services), trucks and bikes
• Maintains a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.

Security Guards

• Ensures that the facility is secured at all time
• Controls traffic and organize parking
• Gives security tips to staff members from time to time
• Patrols around the building on a 24 hours basis
• Submits security reports weekly
• Handles any other duty as assigned by the electric vehicle charging station manager

6. SWOT Analysis

Starting an electric vehicle charging station is indeed capital intensive especially for aspiring entrepreneurs who may not have huge sum of money saved up in a bank.

We are aware that it will require loads of cash to set up a standard electric vehicle charging station in Miami – Florida which is why we decided to do all that is required to build a profitable business. One of the tools that is required to position us in building a successful electric vehicle charging station business is a SWOT Analysis.

We hired the services of Dr. Memphis Iverson, an HR and Business consultant who is based in Miami – Florida to help us conduct SWOT analysis for our company and he did a pretty good job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of Stevenson Hi-Tech® EVC Station, Inc. Miami – Florida.

Stevenson Hi-Tech® EVC Station, Inc. is centrally located along one of the busiest communities with loads of electric vehicles and electric bike users in Miami – Florida; our location is in fact one of our major strengths.

Aside from the basic service that we offer, we also offer complimentary services that most of our competitors are not offering. So also, the vast experience of our management team will count in our advantage, and our attendants are well groomed to handle various classes of customers.

Our perceived weakness could be the fact that we are a new EVC station, and we may not have the financial capacity to sustain the kind of publicity that can give us leverage to start operating chains of EVC stations in various cities in the United States as planned.

• Opportunities:

We are centrally located in one of the busiest communities in Miami – Florida and we are open to all the available opportunities that the city has to offer.

Our business concept also positioned us to attract people who like doing their shopping, washing and servicing their electric vehicles in EVC stations. Miami is one of the densely populated cities in Florida, and indeed population translates to opportunities.

One of the major threats that confronts electric vehicle charging stations all over the world is the fact that people have not fully embraced this technology. Another threat that we are likely going to face is the emergence of a new EVC station within the same location where ours is located.

7. MARKET ANALYSIS

• Market Trends

One of the trends in the global electric vehicle charging industry is that in the bid to stay afloat in this pretty green business, owners of electric vehicle charging stations now go the extra mile to ensure that they make their facility welcoming and conducive for customers.

Electric vehicle charging stations now have vulcanizing services, car wash, convenience stores, coffee bars, snack bars, and cigar lounges within their facility so as to leverage on the opportunities around them to generate more income. So also, it is common to find electric vehicle charging stations partnering with electric vehicle manufacturers in other to build and operate charging stations that will be of international standards.

In the United States and in most developed countries, it is now the practice for electric car manufacturers, charging infrastructure providers, and regional governments to enter into agreements to promote and provide public charging stations.

8. Our Target Market

Before choosing a location for our electric vehicle charging station business, we conducted our feasibility studies and market survey and we were able to identify the location that will benefit greatly from our products and service offerings which is why we decided to settle for Miami – Florida.

Those who will benefit from our service offering are owners of electric vehicles and electric bikes and they are of course busy corporate executives, business owners, sports men and women, military men and women, households, students and government officials et al. They are the category of people that we intend marketing our electric vehicle charging station services to.

Our Competitive Advantage

From our recently concluded feasibility studies and market survey, we observed that there are growing numbers of electric vehicle charging stations scattered all over the city of Miami – Florida, as a matter of fact, there are about 3 standard electric vehicle charging stations close to same locations as ours.

This goes to show that the competition amongst electric vehicle charging stations is growing rapidly. Before launching our electric vehicle charging station we have critically studied the market and we know that we have some form of competitive edge.

Our competitive advantage is that we have a standard – fast charging electric vehicle charging station that offers additional complementary services that will definitely help us attract and retain customers.

Another competitive advantage that we have is the vast experience of our management team. So also, the wide varieties of other complimentary services and products that we offer, and of course our excellent customer service culture will definitely count as a strong strength for the business.

One thing is certain, we will ensure that in future, we will open our electric vehicle charging stations in various cities in the United States of America and also sell our franchise. With that our brand will be well communicated and accepted nationally.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Stevenson Hi-Tech® EVC Station, Inc. is established with the aim of maximizing profits in the electric vehicle charging station industry in the United States of America and we are going to go all the way to ensure that we do all it takes to generate enough income from both our basic services offerings and our complimentary services.

Stevenson Hi-Tech® EVC Station, Inc. will generate income by offering the following services and products;

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available on the field with reference to similar business in Miami – Florida.

We know that we are well positioned and we will definitely attract clients that will not only patronize our electric vehicle charging station but will also patronize our complimentary services. Below is the sales projection for Stevenson Hi-Tech® EVC Station, Inc., it is based on the location of our electric vehicle charging station and the type of services and products that we will be offering;

• First Year: $200,000
• Second Year: $600,000
• Third Year: $1,500,000

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any electric vehicle charging station offering same additional services like us within 4.5 miles radius from our electric vehicle charging station facility.

• Marketing Strategy and Sales Strategy

The marketing strategy for Stevenson Hi-Tech® EVC Station, Inc. is going to be driven basically by making available standard and safe fast charging systems, excellent customer service and provision of complimentary services. We will work hard to build a loyal customer base that will help us use word of mouth publicity to get their friends and acquaintances to patronize us.

We are quite aware of how satisfied customers drive business growth especially businesses like electric vehicle charging stations which is why we will always ensure that our customer service and facility are top notch.

Over and above, our unique selling proposition is that we have various complementary service offerings such as convenience store, coffee café, snacks bar, cigar lounge, vulcanizing, wheel balancing, wheel alignment, carwash and electric vehicle repair and maintenance services.

In view of that, we are going to adopt the following strategies to ensure that we do not only attract customers but ensure that they become loyal customer; Part of the marketing and sales strategies that we will adopt are;

• Introduce our electric vehicle charging station by sending introductory letters to electric vehicle and electric bikes owners and other stakeholders both in Miami and in other cities in the State of Florida
• Open our electric vehicle charging station with a party so as to capture the attention of residents who are our first targets
• Advertise our electric vehicle charging station on national dailies, local TV and local radio station
• Promote our electric vehicle charging station online via our official website and all available social media platforms
• Hire the services of experts to make our brand the first choice in Miami and other cities where we will open our electric vehicle charging stations
• Delivering good customer experience to all our clients; making our first impression count positively
• Make use of attractive hand bills to create awareness and also to give direction to our electric vehicle charging station
• Adopt direct mailing coupon marketing approach
• Position our signage/flexi banners at strategic places
• Create a loyalty plan that will enable us reward our regular customers

11. Publicity and Advertising Strategy

Despite the fact that our electric vehicle charging station is a standard one that can favorably compete with other leading brands in the global electric charging stations industry, we will still go ahead to intensify publicity for all our services and brand. We are going to explore all available means to promote Stevenson Hi-Tech® EVC Station, Inc.

Stevenson Hi-Tech® EVC Station, Inc. has a long-term plan of opening our charging stations in various locations all around key cities in the United States of America which is why we will deliberately build our brand to be well accepted in Miami – Florida before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for offering our services but to also effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Stevenson Hi-Tech® EVC Station, Inc.;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community programs
• Leverage on the internet and social media platforms like Instagram, Facebook, twitter, et al to promote our brand
• Install our billboards on strategic locations in Miami – Florida and all around major cities in the United States of America
• Engage in roadshow from time to time in targeted communities
• Distribute our fliers and handbills in target areas
• Position our Flexi Banners at strategic positions in the location where we intend getting customers to start patronizing our products and services.
• Ensure that all our staff members wear our customized clothes, and all our official cars and trucks are customized and well branded.

12. Our Pricing Strategy

At Stevenson Hi-Tech® EVC Station, Inc., our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more and we don’t intend to charge less than our competitors are offering in Miami – Florida.

Be that as it may, the management of Stevenson Hi-Tech® EVC Station, Inc. have put plans in place to offer discounts for our complimentary services and products once in a while and also to reward our loyal customers especially when they refer clients to us.

The prices of our products (snacks, cup of coffee, cigar, et al) and services (vulcanizing, wheel balancing, wheel alignment, car wash, and electric vehicle repair and services) will be same as what is obtainable in any part of the United States of America.

• Payment Options

The payment policy adopted by Stevenson Hi-Tech® EVC Station, Inc. is all inclusive because we are aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Stevenson Hi-Tech® EVC Station, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

When it comes to starting an electric vehicle charging station business, loads of factors influences the amount that will be required to launch the business.

Factors like the location you intend starting the business, the size your electric vehicle charging station business, the number of complimentary services you want to add to the business, and of course the state of the economy as at when you intend starting the business.

These are the key areas where we will spend our startup capital on;

• The total fee for registering the Business in Miami – Florida – $750
• Legal expenses for obtaining licenses (Health department license and business license) and permits (Fire department permit, and Sign permit et al) – $4,500
• Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580
• Cost for hiring Business Consultant – $2,000
• Insurance (general liability, theft, workers’ compensation and property casualty) coverage at a total premium – $30,800
• Cost of accounting software, CRM software and Payroll Software – $3,000
• Cost for leasing a facility for the electric vehicle charging station – $100,000
• Cost for facility remodeling – $50,000
• Other start-up expenses including stationery – $1000
• Phone and Utilities (gas, sewer, water and electric) deposits – ( $3,500 )
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
• The cost for start-up inventory – $250,000
• The cost for washer hook-up fees (sewer connection) – $800
• Cost for serving area equipment for coffee café and snacks bar (glasses, flatware) – $5,000
• Cost for EVC machines and equipment (automobile repair tools, vulcanizing tools, and wheel alignment tools) – $250,000
• The cost for the purchase of furniture and gadgets (Printers, Telephone, TVs, Sound System, vacuum cleaner, tables and chairs et al) – $30,000
• The cost of launching a website – $600
• The cost for our grand opening party – $5,500
• Miscellaneous supplies – $10,000

We would need an estimate of $750,000 to successfully launch our electric vehicle charging station business in Miami – Florida.

Please note that our startup cost is higher than the average startup cost for an electric vehicle charging station business because we intend adding coffee café, snacks bar, cigar lounge, car wash, convenience store and other complimentary services.

Generating Startup Capital for Stevenson Hi-Tech® EVC Station, Inc.

Stevenson Hi-Tech® EVC Station, Inc. is a family business that is owned and financed by Mr. Stevenson McCarthy and his immediate family members. They do not intend to welcome any external business partners, which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

These are the areas we intend generating our startup capital;

• Generate part of the startup capital from personal savings and sell of stocks
• Source for soft loans from family members and friends
• Apply for loan from the Bank

N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting Stevenson Hi-Tech® EVC Station, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Stevenson Hi-Tech® EVC Station, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our organizations’ corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

We know that if this is put in place, we will be able to successfully hire and retain the best hands we can get in the industry and they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and construction of our electric vehicle charging station: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Design and Printing of Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of fast electric vehicle charging ports and equipment, electric vehicle repair tools, vulcanizing tools, and wheel alignment tools: Completed
• Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Safety and Fire Safety Arrangement (License): Secured
• Opening party/launching party planning: In Progress

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Business plan for electric vehicle charging stations

• Publications
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• National energy supplier

The trend toward electric vehicles and the demand for convenient electric vehicle charging offer attractive business opportunities for energy suppliers. EBP is currently working together with the client to develop a business plan for successful entry into the market.

The energy supplier is interested in taking advantage of opportunities associated with electric vehicles. Based on a market analysis, EBP and its client are identifying attractive business fields and market niches in the area of electric vehicle charging. To process these, we are developing a suitable marketing concept that encompasses, in particular, service design, site identification and pricing.

Moreover, EBP is working together with the client to arrange for the specific implementation and the necessary resources. With this as a basis, we will work together to pursue long-term financial planning and evaluate both economic feasibility and business risks. The results are to be compiled on behalf of the executive management in a business plan which will permit an assessment of the business case.

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Judge Agrees To OK EV Charging Co.'s Ch. 11 Plan

By Emlyn Cameron · April 23, 2024, 6:28 PM EDT

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Bankruptcy Scorecard

Electric vehicle charging company Charge Enterprises Inc. filed for Chapter 11 with a prepackaged plan to hand control of the company to lenders following a dispute with an investment adviser.

Case Number

24-bk-10349

Thomas M. Horan

U.S. Bankruptcy Court for the District of Delaware

Capital Structure

Total liabilities:.

$48.7 million

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• Bankruptcy Authority Mid Cap

Case Information

Charge Enterprises, Inc.

1:24-bk-10349

Nature of Suit

March 07, 2024

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Hyundai to expand EV lineup in India, launch five models

NEW DELHI: Hyundai Motor on Thursday said it expanding its annual production capacity to 1.5 million (15 lakh) vehicle units for Hyundai Motor India (HMIL) and Kia India combined. The carmaker confirmed that it will unveil its first locally produced EV in India next year.

Hyundai will commence mass production of its first electric SUV model at the Chennai plant at the end of 2024 and produce five more EV models here by 2030. Kia India, Hyundai’s sister concern, will start production of its local EV model in 2025.

This update came following the recent visit of Hyundai Motor Group executive chair Euisun Chung in India where he reviewed the Group’s mid-to long-term future mobility strategies. His visit came as the Indian arm of the Korean auto giant is expected to launch its initial public offering (IPO) this year. As per reports, Hyundai is likely to file the draft paper with the SEBI by May and launch the IPO in the fourth quarter of CY24. HMIL is looking to raise over $3 billion in the IPO at a valuation of $30 billion.

This initial issue will be the largest in the Indian capital market history. Hyundai said the Group will expand its EV lineup and create an EV ecosystem to accelerate customer uptake and expand charging infra. It will also strengthen its SUV sales leadership.

“By leveraging our strong reputation and competitive quality in India, we aim to expand exports to neighboring countries, making India the global export hub to boost our regional market competitiveness,” said Chung.

“By 2030, we expect to see a substantial expansion in the EV market. In anticipation of this evolution, Hyundai is focused on developing locally tailored EVs aimed at establishing us as a leading global EV brand,” added Chung. “We plan to proactively build charging stations at strategic locations – including dealerships – to facilitate the adoption of EVs.”

HMIL, which controls about 15% of the Indian market and is the second largest exporter of passenger vehicles, will start operating its Pune plant, acquired from General Motors, in the second half of next year. This facility will be capable of building more than 200,000 units annually.

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