Pumpkin, Leading Commercial Vehicle Charging Company, Achieves Operating Profit Despite Electric Vehicle "Chasm"

- Selected as Seoul's rapid charging facility operator for electric buses for seven consecutive years, accelerating deployment
- Expanding electric bus charging service areas in partnership with major local governments and large transportation companies in Korea

Pumpkin, the leading company in commercial vehicle charging, is drawing industry attention by expanding its electric commercial vehicle charging service business and generating stable profits, even amid the so-called "chasm" phenomenon?a temporary stagnation in electric vehicle demand. Despite the stagnation in the electric vehicle charging market, Pumpkin is pursuing a differentiated growth strategy by focusing on the B2B (business-to-business) market centered on commercial vehicles, where charging demand is stable and consistent. This approach enables the company to secure both profitability and sustainability.

In 2024, Pumpkin recorded sales of 35.2 billion KRW, a 41% increase compared to the previous year, and achieved an operating profit of 3.5 billion KRW. This stable revenue structure is attributed to its solid B2B customer base and large-scale charging service business model, even as the overall electric vehicle charging market faces growing uncertainty due to price competition and phenomena such as "electric vehicle phobia."

Based on the structural characteristics of the commercial vehicle market, Pumpkin has established a business model that spans from manufacturing and installing rapid chargers to providing integrated management and operation services for both charging and vehicles. Currently, the company is building and providing large-scale charging services at major locations nationwide. To further enhance customized services for transportation companies and users, Pumpkin has completed integrated control and fire response systems for electric and hydrogen buses. The company is also expanding fleet-centered charging services through continuous management of its own maintenance system.

Choi Yonggil, CEO of Pumpkin, stated, "We will continue to expand our charging infrastructure and service areas, focusing on electric buses and large electric commercial vehicles, and strengthen our stable and sustainable business model." He added, "We plan to provide customized charging services optimized for various types of commercial vehicles?including city buses, village buses, commuter and school buses, and chartered buses?to local governments and transportation operators in regions that are operating or considering the introduction of electric buses."

Meanwhile, Pumpkin is also highly regarded for its corporate value and growth potential through the expansion of its charging service business for commercial vehicles such as electric buses and electric taxis. As a company specializing in fleet-centered charging solutions, Pumpkin is further solidifying its position as a 'leader in the large-scale charging service market,' backed by its optimized technology and 24/7 uninterrupted operation capabilities, which are essential in the commercial vehicle charging market that requires large-scale power supply and continuous management. This growth trend is continuing into 2025.

Additionally, Pumpkin plans to accelerate the nationwide expansion of large-scale charging services and technological advancements through collaboration with major domestic investment institutions. Recently, the company signed an agreement with LS Electric to pursue strategic cooperation for the localization of dedicated components for electric commercial vehicle chargers and to ensure charger quality.

Industry experts note, "The electric vehicle chasm is merely a temporary transitional phase for the industry as a whole," and add, "For companies with proven business models, it is actually an opportunity for industry realignment." As a result, Pumpkin is recognized not just as a charger manufacturer, but as a leading company representing the commercial electric vehicle charging market.

Pumpkin continues to expand its charging service domain centered on commercial vehicles, including electric buses and electric taxis, and plans to include electric trucks in the future. The company maintained its growth in the first quarter of 2025, and Pumpkin's practical strategy?that the way to cross the chasm is simply to make charging available wherever it is needed?sends a clear message to the market.