Why ChargePoint (CHPT) Shares Are Nosediving

ChargePoint Holdings Inc CHPT shares are trading lower by 4.86% to $7.93 Monday morning. The stock is trading lower on downward momentum after General Motors last week said it would partner with Tesla to use its charging network.

What Happened?

GM and Tesla last week announced a collaboration to integrate the North American Charging Standard (NACS) connector design into GM's EVs starting in 2025. The partnership will provide GM EV drivers with access to 12,000 Tesla Superchargers across North America.

GM says this collaboration aligns with the company's focus on expanding charging access through its Ultium Charge 360 initiative and mobile apps.

The Tesla Supercharger Network will be available to GM EV drivers from 2024 onwards, initially requiring an adapter and subsequently integrating NACS inlets into GM EVs from 2025. GM will also integrate the Tesla Supercharger Network into its vehicle and mobile apps.

GM and Tesla say this collaboration aims to accelerate mass EV adoption and establish a unified North American charging standard.

According to data from Benzinga Pro, CHPT has a 52-week high of $19.92 and a 52-week low of $7.82.