As Tesla inks another fast-charging deal, shares of both EVgo Inc. and ChargePoint Holdings Inc. go south — but only one of those two companies needs to worry.
Tesla Inc. has inked another fast-charging deal with a major U.S. automaker, this time with General Motors Co., sending shares of both EVgo Inc. and ChargePoint Holdings Inc. lower. But only one of those two EV-charging companies needs to worry.
News of the Tesla TSLA and GM GM deal is “somewhat cautious” for EVgo EVGO and “relatively neutral” for ChargePoint CHPT , analysts at BofA Securities said in a note Friday. Others concurred.In its statement late Thursday, GM specifically reiterated its commitment to the collaboration with EVgo and truck-stop operator Pilot Company’s fast DC chargers. But that won’t prevent investors from being “uneasy” about the Tesla agreement, the BofA analysts, led by Alex Vrabel, said in their note.
In contrast, ChargePoint does not face direct risk on utilization, and its DC Fast network is largely fleet focused, the analysts said. They kept the equivalent of a buy rating on ChargePoint shares. However, given that the U.S. is in the early stages of its EV-charging infrastructure buildout and much more is needed, there may be room for all, the TPH analysts said.
The standard that both GM and Ford said they will adhere to soon, the North America Charging Standard, or NACS, is indeed the one pioneered by Tesla. Ford made its Tesla fast-charging announcement late last month.
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