EVgo Shares On The Move Following Expanded GM, Uber Partnerships

EVgo Inc EVGO shares are rallying Tuesday in response to expanded partnerships announced by the company.

EVgo Raises Charging Site Build Target Under Expanded GM Deal: California-based EVgo, which operates a public fast-charging network for EVs, announced an expansion to the fast-charging infrastructure buildout collaboration with General Motors Company GM.

To meet the growing demand for charging infrastructure, the two companies have increased the build plan to add another 500 high-powered DC fast charging stalls, bringing the total number of charging stalls to 3,250 through 2025. This compares to the 2,750 charging stalls that were previously targeted.

The companies also plan to extend the geographic reach from 40 metropolitan markets to 52.

GM plans to deliver 30 EV models to the market globally through 2025.

EVgo said the charging sites will deploy cutting-edge tech, including high-power fast chargers capable of delivering up to 350 kW. When the new 350 kW capable EV modes are introduced, these sites can provide up to 150 miles of range in 8 to 12 minutes.

Related Link: Why 2 EV Charging Stocks Face 'Offsetting Risks' To 'Outsized Opportunity'

EVgo's Discounted Pricing For Uber Drivers: EVgo also announced an expansion to its EV charging program for rideshare drivers on Uber Technologies Inc UBER platform.

As part of the expanded EVgo Discount Program with Uber, drivers are granted access to discounted EVgo accounts and pricing, depending on their Uber Pro status.

"Drivers with Uber Pro Gold, Platinum, or Diamond status will unlock even lower EVgo Plus rates, saving up to 30% on charging costs over EVgo's standard Pay As You Go rates," EVgo said.

"We are excited to see more rideshare drivers making the switch to electric and look forward to providing fast charging for high volume rideshare drivers and decarbonizing this growing segment of transportation," said Cathy Zoi, CEO at EVgo.

EVGO Price Action: EVgo shares were jumping 22.34% to $16.43 Tuesday morning at publication.

Related Link: EV Charging Stock Plays: Why This Analyst Prefers ChargePoint Over Blink Charging

Photo: EVgo video screenshot