Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
ChargePoint Holdings, Inc. (NYSE:CHPT) shares are trading slightly lower on Friday.
Yesterday, Needham analyst Chris Pierce flagged that broader industry pressure is building, with EV sales growth outpacing EVSE growth by a high margin, rapidly pushing up charger utilization. Still, increased utilization to date has not been a catalyst for driving a catch-up in EVSE installations.
According to Benzinga Pro, CHPT stock has lost over 80% in the past year.
Earlier this month, the company inked a pact with Jumptech, an electrification installation management platform.
The partnership aims to deliver a seamless home charger installation experience for drivers of fleet vehicles whose charging needs have been entrusted to ChargePoint.
For fleet managers, the partnership will reduce the average time from charger order to installation, thanks to a standardized process and dedicated tools.
The company also inked a pact with AcBel Polytech, a power supply manufacturer under Kinpo Group, to jointly develop EV charging solutions.
Price Action: CHPT shares are trading lower by 0.58% to $1.8094 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.