Back to top

Image: Shutterstock

General Motors (GM) Partners With EVgo to Bolster EV Charging

Read MoreHide Full Article

General Motors (GM - Free Report) has teamed up with EVgo Inc. (EVGO - Free Report) to expand the fast charging infrastructure framework amid the increasing adoption of electric vehicles (EVs). This follows the previously announced plan of tripling the EVgo network with around 2,750 charging stalls by 2025. The partnership seeks to add another 500 high-powered DC fast charging stalls. This will bring the total number of stalls to 3,250 by 2025 and take the geographic outreach from 40 metropolitan markets to 52.

Eight states, including Georgia, Florida, Pennsylvania, Colorado, and North Carolina, have live stations that are part of the collaboration. The joint program ensures speeding up widespread EV adoption and easing out public access to charging. Drivers living in multi-unit dwellings often rent their homes and face difficulties in the installation of chargers, or completely lack the access to home or workplace charging. An expansion of the charging network can bring them under its purview and mitigate their charging problems.

The collaboration is synchronous with GM’s commitment to contribute to zero-emissions vehicles across a wide range of prices, and the company is dedicated to bringing fast charging to more metropolises and customers. Its electrification plans include delivering 30 EV models to the market globally across 2025.

EVgo is committed to scaling new heights in fast charging deployment, and the new program will boost its public charging network that will span over 75 metro markets in at least 40 states by 2025. Also, the new stations added to the company’s network will continue to be powered by 100% renewable electricity.

Shares of General Motors have rallied 45% over a year, underperforming the the industry’s 95.6% growth.

Zacks Investment ResearchImage Source: Zacks Investment Research

General Motors — which shares space with other auto giants like Tesla (TSLA - Free Report) and Ford (F - Free Report) — currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Ford Motor Company (F) - free report >>

General Motors Company (GM) - free report >>

Tesla, Inc. (TSLA) - free report >>

EVgo Inc. (EVGO) - free report >>

Published in