CHPT Stock: The Big Mercedes-Benz News Giving ChargePoint Shares a Jolt

ChargePoint (NYSE:CHPT) stock is getting a boost on Thursday after the company revealed a new partnership with Mercedes-Benz USA.

A close-up shot of a ChargePoint (CHPT) charging station.

Source: YuniqueB / Shutterstock.com

This new agreement has the two companies working together on an integrated charging experience called Mercedes me Charge. It will launch alongside Mercedes’ new EQS all-electric luxury sedan. The plans to make it available in all future products from Mercedes-EQ.

Mercedes me Charge is a service that allows owners to charge their electric vehicles with little hassle. That due to it connecting to their accounts and automatically charging them while they juice up their batteries. These charges are shown to owners via an invoice every month.

The Mercedes me Charge service lets users make use of EV chargers across the U.S. That includes those not from ChargePoint. There are about 60,000 public chargers available and another 60,000 semi-public chargers available for use through it. Customers access the service from inside their EVs or through the companion app.

Bill Loewenthal, senior vice president of Product at ChargePoint, said this about the news pushing CHPT stock higher today.

As the world transitions to electric mobility, software plays an important role in fueling and ChargePoint is proud to power seamless access to EV charging in-vehicle and in-app for Mercedes-EQ drivers. Mercedes is redefining the automobile once again, delivering a superior driver experience that includes seamless charging. ChargePoint will continue to power experiences that make the transition to electric mobility easy.”

CHPT stock was up 2.4% as of Thursday afternoon but is down 12.9% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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