Facedrive to Launch Steer EV Subscription Service Platform in Toronto

Facedrive envisions changing the ridesharing, food delivery, e-commerce, social and health tech narratives for the better

Facedrive Inc. a Canadian “people-and-planet first” technology ecosystem, is excited to announce that it will be launching Steer, America’s fastest-growing electric vehicle subscription service and an integral part of Facedrive’s TaaS vertical, in Toronto, Ontario. Toronto will be the first Canadian city to welcome this hassle-free, low-emission alternative to owning, leasing or renting vehicles. The launch is scheduled for the first week of March, 2021, and is aligned with the company’s expansion strategy in North America and globally.

Steer is a Washington, D.C.-based, technology-driven monthly vehicle subscription service acquired by Facedrive from Exelorate Enterprises LLC, a subsidiary of Exelon Corporation (https://www.exeloncorp.com), in September, 2020. The acquisition was intended to complement Facedrive’s original ridesharing and food delivery services and presented a natural fit between its ESG philosophy and Steer’s market offering. Incubated within and backed by Exelon, a Fortune 100 company and the largest producer of clean energy in the United States, Steer was created to challenge traditional car ownership and accelerate the switch to environmentally-friendly transportation. Strategically positioned in the automotive subscription services market which was projected to grow by USD $9.15 billion between 2020 and 2024 (Automotive Subscription Services 2020 Global Market Report), Steer has achieved multi-million annual recurring revenue in less than 12 months of operation.

The Steer business model has capitalized on the ongoing dramatic shift in the automotive industry and consumer behavior patterns, embracing the rising global trends of environmental consciousness and sharing economy. The compelling story behind Steer’s vision is combined with flawless execution and fine-tuned operation. The signup process is easy and can be done in one click of a button at www.steerev.com, with subsequent vehicle selection, booking or upgrade just as hassle-free. Steer’s seamless user experience, bespoke concierge services and continuously growing fleet enables it to maintain a leadership position in the industry and grow a loyal fan base in its existing market. Weeks away from the scheduled launch in its first Canadian city, the service has already generated a lot of excitement among Torontonians and experienced demand in excess of the original vehicle supply estimates. Perfectly integrated into the Facedrive ESG ecosystem to take advantage of its inter-vertical synergies and cater to shared user base of green and socially responsible consumers, Steer is set to successfully fill a gap in the Canadian market with an innovative EV subscription offering and grow considerably within months of its Toronto launch.

The announcement of Steer’s upcoming expansion to Canada comes on the heels of the growing public attention to the issue of climate change and governments’ intensifying efforts to mitigate its effects. Just over a month ago, Canada’s Prime Minister Justin Trudeau announced the country’s strengthened climate plan to protect the environment through investments into clean energy and green affordable transportation (https://pm.gc.ca/en/news/news-releases/2020/12/11/prime-minister-announces-canadas-strengthened-climate-plan-protect). In the USA, the newly elected President Joe Biden furthered the country’s environmental agenda by announcing plans to replace government fleets with electric vehicles as one of the first decisions made since taking office (https://www.cnbc.com/2021/01/25/biden-plans-to-replace-government-fleet-with-electric-vehicles.html). At the same time, BlackRock, the world’s largest money manager, has made sustainability and climate risks key tenets of its investing strategy, thereby reflecting unanimity of attitudes and priorities between the public and private sectors (https://www.washingtonpost.com/business/2020/01/14/blackrock-letter-climate-change/). As an ESG ecosystem, Facedrive has voiced its commitment to addressing environmental, social and governance concerns since its inception, and will continue working towards a better future alongside responsible governments, businesses and individuals.

“We are thrilled to be expanding the Steer operations to Canada’s most populous city to provide a seamless EV transportation option to its residents,” said Sayan Navaratnam, CEO and Chairman of Facedrive. “Safe and environmentally-friendly TaaS solutions are critical amid the coronavirus pandemic, and in these challenging times Facedrive is working hard to bridge transportation gaps and make user experience as smooth and straightforward as possible. Steer’s upcoming launch in Toronto marks an important milestone in our expansion strategy and paves the way for future launches in North America and globally,” added Navaratnam.

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