EVgo Share Higher After Expanding GM Collaboration
November 09 2021 - 1:38PM
Dow Jones News
By Michael Dabaie
EVgo Inc. shares were up 13% to $15.18 after the company said it
expanded its collaboration with General Motors Co. for
electric-vehicle fast chargers across the U.S.
EVgo, owner and operator of a public fast charging network for
EVs, and GM had previously said they were tripling the EVgo
network, with plans to build 2,750 charging stalls through
2025.
Due to demand for charging infrastructure and new vehicles
coming to market in the later years of the program, EVgo and GM
said they expanded their build plan to add another 500 high-powered
DC fast charging stalls, bringing the total to 3,250 through 2025
and extending the geographic reach from 40 metropolitan markets to
52.
"We believe the expansion of this agreement is very positive for
EVGO as it provides the company with favorable economics to
continue its EV charging buildout," Evercore ISI said in a
note.
EVgo also said Tuesday it expanded its EV charging program for
rideshare drivers on Uber's platform. The expanded initiative
features new discounts and benefits for drivers using Uber.
Evercore noted that rideshare drivers typically travel more than
200 miles per day and can average 40,000 miles in a year, making
fast charging essential for this segment.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
November 09, 2021 13:23 ET (18:23 GMT)
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