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EVgo Stock Surges After Expanding Uber and GM Partnerships

Stock MarketsNov 09, 2021 10:12AM ET
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By Sam Boughedda

Investing.com — Evgo Inc (NASDAQ:EVGO) stock added to yesterday's rally by jumping another 25% Tuesday after it announced it is expanding its partnerships with General Motors Company (NYSE:GM) and Uber Technologies Inc (NYSE:UBER).

On Monday, the electric vehicle charging business told investors that it had been awarded several grants in Pennsylvania. Alongside the news about the infrastructure bill, that announcement helped EVgo's shares close the day up 34%.

And, the positive updates for EVgo investors have continued Tuesday, with the company revealing that it will be expanding its fast-charging infrastructure build-out collaboration with General Motors, which is currently underway across the U.S.

EVgo and GM previously announced it had tripled the network, with plans to build 2,750 charging stalls through 2025.

However, the companies said that in response to increasing demand for charging infrastructure and new vehicles being introduced in the program's later years, they have expanded their plan to add another 500 high-powered DC fast chargers. This brings the total to 3,250 and extends the reach from 40 markets to 52.

"We are thrilled to expand the scope of our collaboration with GM – a testament to our successful partnership," said EVgo CEO Cathy Zoi.

While the GM news alone was enough to see the stock rally, EVgo made an additional announcement that it is increasing its EV charging program for Uber's rideshare drivers.

The expanded partnership will provide Uber drivers with increased access to EVgo's network of over 800 public fast chargers. There will also be new discounts and benefits for drivers, with the companies hoping that this will encourage further EV adoption.

"The enhanced incentives from EVgo's program help drivers save money and take another step towards transforming Uber into a zero-emissions platform," said Adam Gromis, Head of Sustainability Policy at Uber.

EVgo shares hit a high of $17.74 immediately after the opening bell.

EVgo Stock Surges After Expanding Uber and GM Partnerships
 

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