The importance of a robust charging infrastructure in the electric vehicle (EV) growth story cannot be overemphasized. Several EV charging companies are working hard to capture a share of this growing market. EVgo (NASDAQ: EVGO), which went public in July, is expanding its network fast. The stock's price has doubled in just a month. Let's take a closer look at the company's performance and its long-term growth prospects.
There are two ways to look at the EV charging industry. In terms of operators, there are pure-play charging providers as well as EV companies with their own charging network. Often, EV makers collaborate with EV charging providers to use their charging network. Tesla has its own network of chargers while Volkswagen and General Motors (NYSE: GM) have collaborated with EV charging companies to use their networks. As an example, General Motors has partnered with EVgo to deploy fast charging stalls. Under this agreement, EVgo will install 3,250 fast charging stalls for GM by 2025.
Source Fool.com