Did Starbucks Just Become an EV Stock?
Coffee chain Starbucks (NASDAQ: SBUX) announced a partnership with automaker Volvo and electric charging station company ChargePoint last month. It might not mean much today, but it gives a potentially crucial clue about where automotive recharging networks could go in the future.
The announcement includes a deal to install Volvo-branded electric vehicle (EV) charging stations made by ChargePoint along a 1,350-mile route from the Colorado Rockies to Starbucks' headquarters in Seattle. The chargers will be installed at Starbucks locations along the way, with up to 60 chargers spread across up to 15 stores by year-end. While Volvo is branding the chargers, anyone can use them if their charging connections are compatible.
Starbucks has nearly 18,000 stores, so this is just a drop in the ocean for the company. But long-term investing often involves reading the tea leaves to try to glean perspective into where things are moving, not where they've already been.
Source Fool.com