CarParts.com (NASDAQ:PRTS) stock is revving up higher on Tuesday after announcing a new electric vehicle (EV) shopping hub.
According to CarParts.com, EVs are starting to reach a point where customers are seeking out replacement parts for them. This typically happens after six to 15 years of ownership. With that in mind, the company seeks to offer an easy way for customers to purchase parts for their vehicles.
CarParts.com says that the current problem surrounding EV repairs is misinformation about parts. Many parts of EV cars are the same as their gas-powered counterparts. That means that it’s easy for people to make their own repairs to their vehicles.
Lev Peker, CEO of CarParts.com, said this in the news release boosting PRTS stock.
“Over time, we’ve seen the number of EVs on the road grow and thus the need for more replacement parts, and we will continue to make investments in our technology, supply chain, and customer experience to create the number one online destination for the EV community with the information, tools, and parts they need to get back on the road.”
CarParts.com notes that it’s seen increased interest over the last few months in aftermarket parts for EVs, as well as hybrids. It also mentions that it currently stocks parts for 25 Evs, including those from Tesla (NASDAQ:TSLA), Ford (NYSE:F), BMW (OTCMKTS:BMWYY), and more.
PRTS stock was up 23.4% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.