EVGO Stock: Why Is EV Charging Company EVgo Powering Up Today?

EVgo (NASDAQ:EVGO) stock is charging higher on Tuesday after the company announced a deal with ride-sharing service Uber (NYSE:UBER).

Electric vehicle logo painted on a blue street representing EVGO stock.

Source: Shutterstock

Uber drivers looking to recharge their vehicles between trips are already able to access EVgo’s public fast chargers. However, a new agreement allows them to net better prices thanks to discounts in the new deal.

According to EVgo, Uber Pro Gold, Platinum, or Diamond drivers will get deeper discounts when recharging. The goal here is to expand the options for Uber drivers that might not have a home charging station.

That’s not all the good news for holders of EVGO stock today. The company also announced an expansion to its deal with General Motors (NYSE:GM). This agreement has the two companies working to increase the number of electric vehicle (EV) chargers across the U.S.

The deal previously had them aiming for 2,750 charging stations by the time 2025 comes to a close. Instead, that number is increasing to 3,250 charging stalls. The reason for this is the increasing demand as more customers make the switch to EVs.

Of course, we’ve also got to mention that EVGO stock has been on the rise since yesterday. That’s thanks to the passing of a major infrastructure bill that would allocate funds to building an EV charging network in the U.S. EVgo and other EV-related companies rallied on that news Monday.

It’s also worth pointing out that EVGO stock continues to see heavy trading today. As of this writing, more than 60 million shares have changed hands. That’s quite the jump from its daily average trading volume of 3.6 million shares.

EVGO stock was up 20.2% as of Tuesday morning.

Investors looking for more recent stock news are in the right place!

We’ve got all the latest stock news that traders need to know about for Tuesday. Among that is the news sending shares of Luminar Technologies (NASDAQ:LAZR), Naked Brand Group (NASDAQ:NAKD), and Palantir (NYSE:PLTR) higher today. You can find out all about 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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