Zinger Key Points
- ChargePoint partners with AAA to provide discounted EV chargers to 12,000+ service providers across the U.S. and Canada.
- Despite a 48% drop in stock over the past year, ChargePoint's growth in EV infrastructure continues with this strategic partnership.
- Get the Real Story Behind Every Major Earnings Report
ChargePoint Holdings, Inc. CHPT saw its shares rise on Thursday following the announcement of a new partnership with membership organization AAA.
AAA provides roadside assistance, helps travelers plan their vacations and adventures, offers exclusive member discounts and benefits, and provides financial and insurance services to over 65+ million members across North America, including nearly 58 million in the U.S.
As part of the agreement, ChargePoint will become the preferred supplier of electric vehicle charging services for AAA, making its chargers available to AAA clubs and their service providers at discounted rates.
This collaboration aims to expand the availability of affordable and reliable EV charging infrastructure.
The new offerings will be available to over 12,000 service providers, including towing companies, automotive repair businesses, and other small enterprises across 27 AAA clubs in the U.S. and CAA clubs in Canada.
These providers will also receive support for their existing ChargePoint stations.
According to Benzinga Pro, CHPT stock has lost over 48% in the past year. Investors can gain exposure to the stock via WisdomTree Trust WisdomTree Battery Value Chain and Innovation Fund WBAT.
David Vice, ChargePoint's Chief Revenue Officer, emphasized the company's commitment to supporting AAA members and businesses with dependable EV charging solutions.
“To support them, we now offer solutions AAA members can depend on for reliable EV charging at preferred pricing,” Vice adds.
Bob Huffman, Director of Roadside Programs & Benefits for AAA, highlighted the value of this partnership in enhancing services for their members by providing the necessary resources for efficient roadside assistance.
“By working with ChargePoint, we are able to provide resources and services to our clubs and service providers, so they are able to best assist our members when they need us most,” Huffman adds.
Price Action: CHPT shares are trading higher by 2.51% to $0.9981 at last check Thursday.
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