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TotalEnergies (TTE), CTG to Build EV Charging Points in China
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TotalEnergies SE (TTE - Free Report) announced that it has entered into a joint venture with two affiliates of China Three Gorges Corporation (‘’CTG’’) to develop an electric vehicle (EV) charging network in the Hubei province of China. Per the agreement, the company will develop a high-power EV charging infrastructure and services within the Hubei Province through the installation and operation of more than 11,000 high-power charge points by 2025.
The electricity supplied from the EV charging points will mostly come from renewable sources and lower mobility-related emissions in China. The two companies have plans to develop co-branded high-power charging hubs and standalone stations, open to the general public, equipped with 60-120 kW power charge points and having an average hosting capacity ranging between 20 and 50 vehicles each. The EV charging infrastructure development will support China’s ambition to be carbon net neutral by 2060 as vehicle pollution is a major contributor to emissions.
TotalEnergies Developing EV Charging Infrastructure
TotalEnergies already has electric charging point networks in some other cities of Europe and has plans to install more than 150,000 electric vehicle charge points in the country by 2025. The company also owns an EV charging network in Singapore and this new joint venture will further expand its footprint in electric mobility in Asia.
The company has expertise and knowledge of developing electric vehicle charging infrastructure across the globe. With countries across the globe recognizing the need for cutting vehicle-related pollution, the acceptance of EVs is going to increase at a quick pace. TotalEnergies is expected to gain from the EV infrastructure development and aid in charging a huge volume of EVs.
Demand for EV Charging Network to Rise Globally
Per International Energy Agency, the usage of EVs is going to increase around 36% annually from 2019 levels and touch 245 million vehicles across the globe in 2030. Successful transition from conventional fuel vehicles to EVs will need a well-structured EV charging network and TotalEnergies is a forerunner in setting up EV networks in different cities across the world. The company is expected to receive more contracts for developing EV charging networks as countries across the world understand the need for cutting transportation-related emissions.
Given the huge potential for growth in the EV charging business, we have seen energy giants like BP Plc. (BP - Free Report) to start investing in EV charging network development. BP has been developing the EV charging network in the United Kingdom and China.
A proper and accessible electric charging infrastructure holds the key for the mass adoption of EVs by the common people. Tesla, Inc. (TSLA - Free Report) is developing new and advanced models of EVs but delay in the EV charging infrastructure development could slow down the adoption of the same on a global scale.
Price Performance
In the past 12 months, TotalEnergies’ shares have outperformed the industry.
Image Source: Zacks Investment Research
Zacks Rank and Key Pick
TotalEnergies currently has a Zacks Rank #3 (Hold). A better-ranked stock in the same industry is Chesapeake Energy Corporation , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Chesapeake Energy delivered an average earnings surprise of 13.3% in the last four quarters. The Zacks Consensus Estimate for 2021 earnings has moved up 19% in the past 60 days to $8 per share.
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TotalEnergies (TTE), CTG to Build EV Charging Points in China
TotalEnergies SE (TTE - Free Report) announced that it has entered into a joint venture with two affiliates of China Three Gorges Corporation (‘’CTG’’) to develop an electric vehicle (EV) charging network in the Hubei province of China. Per the agreement, the company will develop a high-power EV charging infrastructure and services within the Hubei Province through the installation and operation of more than 11,000 high-power charge points by 2025.
The electricity supplied from the EV charging points will mostly come from renewable sources and lower mobility-related emissions in China. The two companies have plans to develop co-branded high-power charging hubs and standalone stations, open to the general public, equipped with 60-120 kW power charge points and having an average hosting capacity ranging between 20 and 50 vehicles each. The EV charging infrastructure development will support China’s ambition to be carbon net neutral by 2060 as vehicle pollution is a major contributor to emissions.
TotalEnergies Developing EV Charging Infrastructure
TotalEnergies already has electric charging point networks in some other cities of Europe and has plans to install more than 150,000 electric vehicle charge points in the country by 2025. The company also owns an EV charging network in Singapore and this new joint venture will further expand its footprint in electric mobility in Asia.
The company has expertise and knowledge of developing electric vehicle charging infrastructure across the globe. With countries across the globe recognizing the need for cutting vehicle-related pollution, the acceptance of EVs is going to increase at a quick pace. TotalEnergies is expected to gain from the EV infrastructure development and aid in charging a huge volume of EVs.
Demand for EV Charging Network to Rise Globally
Per International Energy Agency, the usage of EVs is going to increase around 36% annually from 2019 levels and touch 245 million vehicles across the globe in 2030. Successful transition from conventional fuel vehicles to EVs will need a well-structured EV charging network and TotalEnergies is a forerunner in setting up EV networks in different cities across the world. The company is expected to receive more contracts for developing EV charging networks as countries across the world understand the need for cutting transportation-related emissions.
Given the huge potential for growth in the EV charging business, we have seen energy giants like BP Plc. (BP - Free Report) to start investing in EV charging network development. BP has been developing the EV charging network in the United Kingdom and China.
A proper and accessible electric charging infrastructure holds the key for the mass adoption of EVs by the common people. Tesla, Inc. (TSLA - Free Report) is developing new and advanced models of EVs but delay in the EV charging infrastructure development could slow down the adoption of the same on a global scale.
Price Performance
In the past 12 months, TotalEnergies’ shares have outperformed the industry.
Zacks Rank and Key Pick
TotalEnergies currently has a Zacks Rank #3 (Hold). A better-ranked stock in the same industry is Chesapeake Energy Corporation , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Chesapeake Energy delivered an average earnings surprise of 13.3% in the last four quarters. The Zacks Consensus Estimate for 2021 earnings has moved up 19% in the past 60 days to $8 per share.