General Motors Company GM and EVgo Inc. EVGO, an EV charging network provider, are expanding their partnership by installing 400 fast charging stations in key locations across major U.S. cities. These stations will include advanced features like 350kW chargers, canopies, lighting, pull-through access and security cameras to meet the growing need for reliable EV charging infrastructure.
The flagship stations will be tactically placed in metropolitan areas in states like Arizona, California, Florida, Georgia, Michigan, New York and Texas. Each station will typically have up to 20 stalls, with some sites offering more to support the increasing number of EVs on the road.
Co-branded by EVgo and GM Energy, these stations will be located near amenities, such as shopping centers, restaurants, coffee shops and other services for drivers’ convenience while they charge their vehicles. The goal is to create a user-friendly and accessible charging experience.
The first flagship station is estimated to open in 2025. EVgo’s prefabrication method will be often deployed to speed up the construction time of the new stations and offer modularity for future expansion. In addition to these flagship stations, EVgo and GM are aiming to install 2,850 DC fast-charging stalls in total. Additional funding has been allocated to enhance the premium experience at these new sites.
By opening their 1,000th fast-charging stall in August 2023, the companies achieved a milestone. They plan to reach 2,000 stalls by the end of 2024. This achievement represents a major step toward their goal to deliver broad access to fast-charging infrastructure for EV drivers.
Zacks Rank & Key Picks
GM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM and Blue Bird Corporation BLBD, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
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Today, See These 5 Potential Home Runs >>General Motors Company (GM) : Free Stock Analysis Report
Dorman Products, Inc. (DORM) : Free Stock Analysis Report
Blue Bird Corporation (BLBD) : Free Stock Analysis Report
EVgo Inc. (EVGO) : Free Stock Analysis Report
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