ChargePoint Inks Pact With Porsche Cars North America - What's Going On?

ChargePoint Holdings, Inc. CHPT shares are trading lower on Thursday.

The company and Porsche Cars North America partnered to integrate charging services. The collaboration will increase the number of chargers available to Porsche customers to more than 100,000 across North America.

“We are pleased to offer more charging options for Porsche drivers, and ChargePoint software will enhance their experience by enabling integrated and frictionless charging,” said Rick Wilmer, CEO of ChargePoint.

This collaboration strengthens current integrations, enabling Porsche EV and PHEV owners to charge at ChargePoint and partner stations through the My Porsche app, according to a press release.

“We passionately believe in choice, and as a result we are constantly looking for opportunities to enhance our customer experience and expand charging options,” said Timo Resch, President and CEO of Porsche Cars North America.

With this upgrade, all Porsche Charging Service users will access over 75% of charging ports for North American Porsche drivers. The ChargePoint integration is anticipated to launch in the fourth quarter of 2024.

ChargePoint recently said it sees second-quarter revenue of $108 million – $118 million. The company reaffirmed its goal to achieve positive non-GAAP Adjusted EBITDA for the fourth quarter of fiscal year 2025 ending January 31, 2025.

Price Action: CHPT shares are trading lower by 3.33% to $1.75 at last check Thursday.

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