Why EVgo Stock Skyrocketed This Past Week
Shares of EVgo (NASDAQ: EVGO) climbed 42% over the past week, according to data from S&P Global Market Intelligence. The charging network for electric vehicles (EVs) is enjoying torrid sales growth as it expands its operations.
EVgo's revenue rocketed 283% year over year to $27.3 million in the fourth quarter. The charging infrastructure company added more than 180 new stalls during the quarter, bringing its total to over 2,800 in operation or under construction at the end of December.
EVgo subscribes to an "if you build it, they will come" strategy. So far, the plan is working. EVgo gained 59,000 new customer accounts in the fourth quarter. It ended 2022 with 553,000 clients, up 63% from 2021.
Source Fool.com
