GM - Who Has the Real Power in GM's Charging Network?
Last week, the market got excited when General Motors (NYSE: GM) announced a new electric vehicle (EV) charging network that it's calling Ultium Charge 360. The deal brings together charging providers Blink Charging (NASDAQ: BLNK) , ChargePoint (NYSE: CHPT) , EV Connect, FLO, Greenlots, SemaConnect, and EVgo -- which is merging with the SPAC Climate Change Crisis Real Impact I Acquisition (NYSE: CLII) -- under one network. GM will act as the intermediary with its car buyers.
The goal is to offer the company's EV customers a large charging network with nearly 60,000 plugs. And with a growing fleet of EVs coming in the next few years, this will be an important addition for General Motors. But it also highlights just how weak a position EV charging stocks are in.
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Who Has the Real Power in GM's Charging Network?