STEER Technologies Inc. announce its electric vehicle subscription service ('STEER EV') has obtained a business license to operate in British Columbia, Canada, and added the province as a new service area. STEER EV's subscription service is available to the eligible residents of the province as of August, 2022. STEER EV has been working on expanding the financing required to accommodate further launches, and is now aiming to grow both its fleet size and geographical footprint throughout the second half of 2022.

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 a leading provider of subscription-based EV services in Canada, 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 favour 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 its well to capture growth in the electric vehicle subscription services market in the years to come.