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ChargePoint Rises On Mercedes EV Charging Pact

ChargePoint (CHPT) and Daimler (DDAIF)-owned Mercedes-Benz will team up to offer seamless charging, after the EV charging company inked a deal with General Motors (GM). ChargePoint stock rose.




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ChargePoint announced an “industry leading” EV charging solution with luxury-car maker Mercedes-Benz Thursday, called Mercedes me Charge.

It gives Mercedes drivers in North America “a frictionless cross-charging network experience without the need for multiple charging network accounts, subscriptions or charging cards,” ChargePoint said.

This includes nearly 60,000 public places to charge on both ChargePoint and other EV charging networks. It adds another 60,000 semi-public places to charge, such as offices and malls.

Daimler invested in ChargePoint, with BMW (BMWYY), more than three years ago.

The Mercedes-Benz brand is seen slower than some peers in bringing EVs to market. But Daimler’s accelerating its EV shift with $85 billion in spending. Its new all-electric Mercedes EQS luxury sedan, due this year, will be the first to offer access to Mercedes me Charge. The EQS touts 400 miles on a single charge.

On Wednesday, ChargePoint announced a ramp-up in charging solutions for EV fleets. In April, General Motors and ChargePoint teamed up to give GM drivers access to ChargePoint plugs. ChargePoint also has new partnerships with Volvo and Polestar, as well as LeasePlan USA, a fleet management company.

Also on Thursday, Ford (F) announced it’s acquiring Electriphi, a California-based startup providing software for EV charging management and fleet monitoring. Electriphi CEO Muffi Ghadiali formerly worked for ChargePoint. Ford called the acquisition part of its plan to invest more than $30 billion on electric cars and autonomous vehicles by 2025. The auto giant expects more than $1 billion of revenue from charging by 2030.


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ChargePoint Stock, EV Stock

Shares of ChargePoint climbed 2.1% to 32 in Thursday’s stock market trading, paring morning gains as the Nasdaq came off highs. ChargePoint stock has rebounded over the past five weeks but remains well off its highs. However, aggressive investors might see a 32.58 buy point from a cup base within the larger CHPT stock consolidation, according to MarketSmith chart analysis.

Blink Charging (BLNK) edged up 0.65%. Climate Change Crisis Real Impact I Acquisition (CLII), which is taking EVgo public, fell 3.1%. Tortoise Acquisition Corp. II (SNPR), which is taking Volta public, dipped 0.6%.

On June 6, ChargePoint reported mixed first-quarter results but gave strong Q2 revenue guidance.

The EV charging company continues to lose money for now. But “we expect an acceleration in our business as EV penetration increases and economies in our key markets reopen,” CEO Pasquale Romano said.

As of March, ChargePoint touted 132,000 charging ports in the North America and Europe and Blink had 23,000 charging stations around the world. Surging Tesla shares last year fueled the rise of new EV stocks, including charging stocks such as ChargePoint.

Find Aparna Narayanan on Twitter at @IBD_Aparna.

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