ChargePoint (NYSE:CHPT) stock is on the move Thursday after the electric vehicle (EV) charger company announced a new set of tools to handle fleet management.
According to a press release from the company, these new tools offer several ways for fleet owners to manage their vehicles, whether they are mixed-fuel or fully electric. Among its abilities are charging station management, vehicle telematics and mobility services.
ChargePoint claims that these new offerings will help lower the cost of operating a fleet by streamlining management. The company says this will also help fleet owners make the switch to EVs by making the transition process easier.
To go along with that, the tools from ChargePoint are open API and include developer partnerships. That should allow fleet operators to integrate the tool with third-party apps they are already using.
Michael Hughes, Chief Revenue Officer at ChargePoint, said the following about the tools:
“By bringing a wide scope of fleet management applications under one platform, we are helping fleet operators identify and realize significant savings to their total cost of ownership. This software gives them better control over and visibility into their fleet operations, as well as the ability to decrease operating expenses over the ownership cycle.”
What This Means for CHPT Stock
Right now, this is a small win for ChargePoint. It opens the way for more fleets to use its charging stations, which could turn into recurring revenue down the line that may benefit the company’s share price.
CHPT stock is up close to 1% as of Thursday morning.
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On the date of publication, William White did not hold (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.
