Why ChargePoint Stock Jumped Today
Shares of electric vehicle (EV) charging company ChargePoint (NYSE: CHPT) jumped as much as 12% today after the announcement of an agreement with General Motors to accelerate the installation of fast EV charging stations across the U.S.
ChargePoint shares have languished this year, but were jumping on the news today. After rising by more than 12%, however, shares lost much of that gain, higher by just 3% as of 3:20 p.m. ET.
Over the next year, the companies plan to install hundreds of new ultra-fast chargers in strategic locations around the country. Using the GM Energy brand, the installations will utilize ChargePoint's Omni Port system, enabling vehicles with both CCS or NACS charging ports access. NACS is the North American Charging Standard that Tesla has rolled out with its Supercharger network. These stations won't require EV owners to use an adapter or select a specific charger parking space based on connector type.
Source Fool.com
General Motors Corp Stock
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