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General Motors (GM) announced the extension of its new electric vehicle charging service to include commercial vehicles and an electric vehicle charging network named EVgo (EVGO) a privileged partner for fleets. EVgo’s stock has exploded.
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GM and BrightDrop, its new commercial fleet business, said the new service will make it easier for fleet customers to switch to electric vehicles.
Called Ultium Charge 360 fleet services, it will combine vehicles, financing, fleet management and other software services, as well as charging solutions for electric vehicles. It extends an electric vehicle charging service of the same name for retail customers.
And it will give commercial drivers access to more than 60,000 public places to recharge. “Commercial fleets will soon have more confidence and convenience when it comes to electrifying their fleets,” Alex Keros, who heads GM’s EV Infrastructure unit, said in a statement.
Meanwhile, EVgo announced Thursday that it will deploy new charging and infrastructure solutions specifically for GM’s fleet and BrightDrop customers. In addition, these customers can benefit from discounts on EVgo’s national network of 800 public fast-charging points.
EVgo went public last quarter after a reverse merger with a specialist acquisition company. It is one of many EV stocks related to vehicle charging infrastructure that have emerged thanks to an expected EV boom.
Recently, GM increased its spending on electric vehicles to $ 35 billion by 2025 and plans to bring 30 new electric vehicles to market by then.
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EVgo stock
Shares jumped 14.2% to close at 12.08 during Thursday’s stock trading. EVgo stock briefly resumed the 50-day line but ended below, according to MarketSmith’s chart analysis.
Among other EV charging stocks, Charging point (CHPT) fell by 5%, Flashing charge (BLNK) rose 0.7% and Tortoise Acquisition Corp. II (SNPR), which lists Volta on the stock exchange, has remained unchanged.
According to General Motors, the electrification of commercial vehicle fleets opens up new growth opportunities for the company. GM introduced BrightDrop, its business activity, in January.
In April, it announced Ultium Charge 360, targeting retail customers at the time, and seven charging partners, including EVgo, Blink Charging and ChargePoint.
The surge in Tesla shares last year fueled the surge in new EV stocks, including charging stocks like ChargePoint.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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