Evgo Inc. Stock Price, News & Analysis

Toyota Motor North America has announced the deployment of DC fast chargers in Baldwin Park and Sacramento, California, under its 'Empact' vision. This initiative aims to provide equitable EV charging solutions, particularly to underserved communities. The high-power 350kW chargers are part of a collaboration with EVgo, a leading public fast charging network, and will be operational by 2025. In addition, Toyota's Clean Assist program, which matches residential charging with renewable electricity to reduce emissions, generates revenue that has been reinvested into California's transportation electrification. The deployment locations were selected based on criteria such as resident income levels, demographics, air quality, and potential for EV adoption. The new chargers will be strategically placed in high-traffic areas to support local populations and promote EV use.

EVgo (NASDAQ: EVGO), one of the U.S.'s largest public fast charging networks for electric vehicles, announced reaching over one million registered customer accounts. The number of accounts surged by 400% since April 2020, highlighting the growing adoption of EVs and demand for charging infrastructure.

In Q1 2024, network utilization was at 19% nationwide, with gigawatt-hour throughput nearly tripling compared to Q1 2023. EVgo's Autocharge+ feature, available for over 50 EV models, saw a fourfold increase in charging sessions year-over-year. Additionally, nearly 40% of EVgo's stalls are now 350 kW chargers, up from 22% at the end of March 2023.

CEO Badar Khan emphasized EVgo's goal of creating a customer-centric network, with 100,000 potential stalls identified with site host partners, signaling further expansion to meet rising demand.

EVgo (NASDAQ: EVGO), a leading public fast charging network for electric vehicles, will start deploying North American Charging Standard (NACS) connectors in 2024. These connectors, being standardized as SAE J3400, will be integrated into EVgo's fast charging network, which already includes CCS and NACS vehicles. The company's network utilization increased to 19% in Q1 2024, from 9% in Q1 2023. EVgo aims to expand its footprint through new site host partnerships, planning over 100,000 potential stalls. Notably, 40% of EVgo’s stalls now have high-power 350kW chargers, nearly doubling from last year. EVgo also offers Autocharge+, a streamlined payment feature available for over 50 vehicle models, including all Tesla models compatible with the CCS adapter.

EVgo Inc. reported record first quarter 2024 results with revenue reaching $55.2 million, a 118% increase year-over-year. The network throughput reached 53 GWh, up by 194% year-over-year. The company added 250 new operational stalls, totaling approximately 3,780 stalls in operation or under construction. EVgo also added nearly 109,000 new customer accounts, reaching over 981,000 overall. The company's business model of owning and operating a fast-charging network is driving growth, with plans to achieve adjusted EBITDA breakeven in 2025.

EVgo Inc. (NASDAQ: EVGO) won the 1st Place Leadership Award for Level 3 Electric Vehicle Charging from the Los Angeles Department of Water & Power (LADWP) for its DC fast charging expansion in Los Angeles. The company's network grew by 90% in the metro area, showcasing its commitment to supporting California's climate goals.