(Bloomberg) — General Motors Co.’s move to adapt its electric vehicles to use Tesla Inc.’s network of Superchargers has sent shares reeling for other makers of EV charging stations.
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EVgo Inc. sank 12% Friday, its worst day in nearly a month. ChargePoint Holdings, Inc. shed 13%, and Blink Charging Co. fell 11% for its largest daily loss since February. Beam Global, which designs clean energy systems for electric vehicle charging, slid 4.9%.
GM is the second major automaker to say it will use Tesla’s charging network. Ford Motor Co. announced a similar move in May. Tesla rose 4.1% on Friday, extending a $200 billion rally into an 11th day, while GM gained 1.1%.
While the pact is weighing heavily on other EV charging companies, the market may be overreacting, according to some on Wall Street.
“We think the news is overblown, though we would acknowledge that the news does put into question what GM is planning long-term with EVgo, which has been one of its…
2023-06-09 15:20:53
Article from finance.yahoo.com
