General Motors (GM) announced an expansion of its new EV charging service to include commercial vehicles and named EV charging network EVgo (EVGO) a preferred partner for fleets. EVgo stock popped.
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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 EVs.
Called Ultium Charge 360 fleet services, it will combine vehicles, financing, fleet management and other software services, and EV charging solutions. It expands an EV charging service with the same name for retail customers.
And it will give commercial drivers access to more than 60,000 public places to charge. “Commercial fleets will soon have more confidence and convenience when it comes to electrifying their fleet,” Alex Keros, who leads GM’s EV Infrastructure unit, said in a statement.
Meanwhile, EVgo said Thursday it will deploy new charging and infrastructure solutions specifically for GM fleet and BrightDrop customers. In addition, those customers can receive discounts at EVgo’s nationwide network of 800 public fast-charging locations.
EVgo came public last quarter after a reverse merger with a special purpose acquisition company. It is one of several EV stocks tied to vehicle charging infrastructure that have emerged riding an anticipated boom in electric vehicles.
Recently, GM hiked spending on electric vehicles to $35 billion by 2025 and plans to bring 30 new EVs to market by that time.
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EVgo Stock
Shares popped 14.2% to close at 12.08 in Thursday’s stock market trading. EVgo stock briefly retook the 50-day line but finished back below it, according to MarketSmith charts analysis.
Among other EV charging stocks, ChargePoint (CHPT) fell 5%, Blink Charging (BLNK) rose 0.7% and Tortoise Acquisition Corp. II (SNPR), which is taking Volta public, was unchanged.
According to General Motors, electrifying fleets of commercial vehicles unlocks new growth opportunities for the company. GM introduced BrightDrop, its commercial business, in January.
In April, it announced Ultium Charge 360, targeting retail customers at that time, and seven charging partners, including EVgo, Blink Charging and ChargePoint.
Surging Tesla shares last year fueled the rise of new EV stocks, including charging stocks such as ChargePoint.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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