STEER Holdings Inc, an integrated ESG technology platform, recently announced its partnership with Enterprise Fleet Management to lease more than 1000 electric vehicles worth between $80 to $150 million (USD) for its EV subscription business, STEER EV.
Steer EV is a Canadian startup that provides electric vehicles for ride-sharing. Founded in 2017 by Alexandria Lafreniere and Alexi Grewal, Steer EV has grown to have more than 300 employees and operates in more than 100 cities across North America and the UK.
In 2020, the company was bought out by Facedrive, a Canadian ride-sharing company, for $3.25 million dollars.
Steer EV is a subscription-based service that offers monthly plans starting at $1,299. The company offers two vehicle swaps per month, insurance, roadside assistance and charging services.
User can choose from,
Tesla Model 3: The Tesla Model 3 is a mid-sized all-electric four-door sedan. It has a range of 220 miles on a single charge and starts at $35,000.
Audi e-tron: The Audi e-tron is an all-electric SUV with a range of 140 miles on a single charge and starts at $75,000.
Tesla Model X: The Tesla Model X is an all electric SUV with a range of 250 miles on a single charge and starts at $80,000.
Enterprise Fleet Management
Enterprise is the largest rental car company worldwide owning over 10,000 branches in over 90 countries. It is also worth noting that the new administration encourages the shift to electric vehicles through incentives specifically those included in the new climate bill.
Steer EV’s agreement with Enterprise Fleet Management expects to be a new trend as businesses and consumers shift to cleaner and sustainable solutions.
According to Electrek, the partnership might be crucial for Steer EV since electric car demand is increasing while the supply is constrained. As a result, automakers wishing to convert their fleets may be more inclined to use a subscription service.
Suman Pushparajah expressed his excitement about the potential of the deal, saying, “The data we have collected, including from our recent launches in Texas and British Columbia, as well as preparations for the upcoming launch in Florida, has demonstrated a growing demand for a month-to-month all-inclusive subscription service. With the help of this partnership with Enterprise Fleet Management, STEER is on track to fulfill demand and scale its fleet considerably in the months to come.”
The company’s planned development coincides with rising public awareness of climate change and increased governmental measures to fight its consequences, both of which have boosted EV adoption in general. With Enterprise Fleet Management, Steer EV’s goals to switch to organic revenue growth in 2022 and 2023 will be more possible.