By Michael Elkins
Electric vehicle maker, Nikola (NASDAQ:NKLA) announced Tuesday that they have partnered with charging company ChargePoint Holdings (NYSE:CHPT) to speed up the deployment of the required infrastructure for commercial EVs.
Over the years, fleet operators have become more inclined to utilize electric vehicles. However, the lack of proper infrastructure has been a deterrent. Nikola said with access to ChargePoint's products, it will be able to reduce the time required to build infrastructure projects that will help its customers manage charging of their vehicles, plan schedules and streamline delivery routes.
The announcement of the deal comes a week after Nikola said that scaling up charging infrastructure for fleets was a hurdle, exacerbated by end customers' reluctance to spend capital for the development.
It said the company would miss its target of delivering at least 300 vehicles this year and declined to issue fresh forecasts, citing macroeconomic uncertainty clouding visibility of its future.
Phoenix, Arizona-based Nikola has placed orders for ChargePoint's fast charging solution, E-Skids, and deliveries are expected to begin as early as this month.
Shares of NKLA and CHPT are down 0.52% and 1.34% respectively in mid-day trading on Tuesday.