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Tue, May 24 at 4:00PM ET

WBX Stock: The ‘Zero-Emissions’ Uber Deal That Has Wallbox Charging Higher Today

Wallbox (NYSE:WBX) stock is getting a boost on Tuesday thanks to a deal with ride-sharing service Uber (NYSE:UBER).

an electric vehicle (EV) at a charging station representing WBX stock.

Source: Alexandru Nika / Shutterstock.com

Uber is looking to reach 100% zero emissions in the U.S. and Canada by the time 2030 rolls around. That means it needs its drivers to make the switch to EVs. This is where Wallbox comes into play. The company offers at-home charging solutions for electric vehicles (EVs).

Through a pilot program, Wallbox will be offering packages to Uber drivers in the Bay area. This includes a discount for the home charging station, installation, as well as the ability to finance the process.

Uber and Wallbox are targeting the Bay area first due to most homes in the area being ready for the EV chargers. If the program turns out to be a success, Uber wants to expand it to the rest of the U.S., as well as Canada, and globally.

Andrew Macdonald, Uber’s SVP of Mobility and Business Operations, said this about today’s news.

“Climate is a team sport and Uber is committed to doing our part to expedite the transition to zero-emissions mobility. Making electric vehicle charging solutions available at scale is essential to achieving our goals and we are excited to partner with Wallbox on this mission.”

News of today’s deal with UBER has WBX stock trading heavily. As a result, some 21 million shares of the stock are changing hands as of this writing. That’s an impressive leap over the company’s daily average trading volume of about 273,000 shares.

WBX stock was up 55.1% and UBER stock was up 1.5% as of Tuesday afternoon.

Investors looking for more stock market news today are in luck!

We’ve got all the latest stock coverage that traders need to know about today. Among that is Redbox (NASDAQ:RDBX) chatter are going public yesterday, why Ocugen (NASDAQ:OCGN) is on the rise, as well as the biggest pre-market stock movers this morning. You can find all of that from the links below!

More Tuesday Stock Market News

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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Article printed from InvestorPlace Media, https://investorplace.com/2021/10/wbx-stock-the-zero-emissions-uber-deal-that-has-wallbox-charging-higher-today/.

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