What's Going On With ChargePoint Shares Tuesday?

ChargePoint Holdings, Inc. CHPT shares are trading lower in the premarket session on Tuesday.

ChargePoint and AcBel Polytech, a Kinpo Group subsidiary specializing in power supply manufacturing, have entered an agreement to develop EV charging solutions collaboratively.

“This collaboration with AcBel represents a significant milestone in the evolution of our product development strategy, and is a key component of our focus on execution and operational excellence,” said Rick Wilmer, CEO of ChargePoint.

AcBel will collaborate in hardware co-design for ChargePoint’s EV charging solutions, accelerating product launch with reduced costs while upholding quality.

The agreement builds upon ChargePoint’s current manufacturing partnership with AcBel, leveraging AcBel’s 40 years of power design expertise and Kinpo’s electronic manufacturing capabilities.

ChargePoint anticipates that this collaboration will enhance its R&D capabilities, facilitating faster product launches at reduced costs.

By aligning engineering, design, development, and production processes with AcBel and Kinpo, ChargePoint will establish an end-to-end solution, empowering its engineering team to concentrate on future innovations.

“With Kinpo Group, we have a trusted manufacturing partner, and now with this expanded partnership we have a development partner who we believe will enable us to bring our portfolio of world-class EV charging solutions to market faster while driving significant product cost…,” Wilmer added. 

Read Next: Plug Power’s Expense Reduction Strategy Seems Necessary, But Analyst Cautions About Uncertain Impacts

Price Action: CHPT shares are trading lower by 0.93% to $2.12 premarket on the last check Tuesday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.