LOS ANGELES - EVgo Inc. (NASDAQ: NASDAQ:EVGO), a prominent player in the public fast charging network for electric vehicles (EVs), has announced the expansion of its Autocharge+ feature to over 50 EV models. Autocharge+ allows EV drivers to initiate charging sessions without the need for an app or physical payment method, streamlining the process by simply plugging in their vehicle.
Since its introduction in September 2022, Autocharge+ usage has nearly doubled in 2023, accounting for about 17% of all EVgo network charging sessions in the fourth quarter. The feature is compatible with most EVs equipped with CCS connectors and Tesla (NASDAQ:TSLA) models using the CCS Combo 1 Adapter. EVgo also anticipates supporting Autocharge+ on NACS connectors in the future.
Stacey Stewart, SVP of Charging at EVgo, emphasized the importance of a convenient charging experience for the widespread adoption of EVs in the U.S. She highlighted the company's collaborative efforts with automakers and the ongoing interoperability testing to improve customer experience for a range of EV models.
The Autocharge+ feature has significantly contributed to EVgo's "One & Done" success rate, which measures the ability of drivers to successfully start a charge on their first attempt. This has been achieved by combining payment and session initiation into one step. Over the past year, the One & Done success rate has increased by six percentage points, aided by Autocharge+ and other initiatives under EVgo's ReNew program.
EVgo's network includes over 950 fast-charging locations across more than 35 states in the U.S. The company continues to grow its infrastructure and services to support the mass adoption of EVs for various users, including individual drivers, fleet operators, and businesses.
This report is based on a press release statement from EVgo.
InvestingPro Insights
As EVgo Inc. (NASDAQ: EVGO) continues to innovate in the EV charging space with its Autocharge+ feature, the company's financial health and stock performance also warrant attention. According to real-time data from InvestingPro, EVgo has a market capitalization of $637.12 million, showcasing its size within the industry. The company's revenue growth is particularly notable, with an impressive increase of 194.85% over the last twelve months as of Q4 2023. This aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year, which could be a positive sign for the company's future prospects.
Despite this growth, EVgo's financial metrics indicate challenges as well. The company's P/E ratio stands at -5.62, reflecting expectations of future earnings or the market's valuation of its profitability. Additionally, EVgo's operating income margin is -89.53%, which suggests that the company's expenses are currently outpacing its revenue. This is consistent with another InvestingPro Tip that EVgo is quickly burning through cash, a factor that investors should consider when evaluating the company's long-term viability.
Investors may also be interested in the stock's recent performance. EVgo's stock price has experienced significant volatility, with a 27.24% decline over the past month and a 67.61% drop over the past year as of early 2024. This aligns with the InvestingPro Tips indicating that the stock generally trades with high price volatility and has fared poorly over the last month.
For those looking to delve deeper into EVgo's financials and stock analysis, InvestingPro offers additional insights and tips. There are 15 more InvestingPro Tips available for EVgo, which can be found at https://www.investing.com/pro/EVGO. Readers interested in accessing these insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, further enriching their investment research with valuable data and analysis.
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