2023-06-12 16:11:10 ET
EVgo Inc. ( NASDAQ: EVGO ) announced late on Monday that the company will be adding North American Charging Standard connectors to its fast charging network across the country.
The announcement was highly anticipated after the recent announcements by Ford ( F ) and General Motors ( GM ) that they will be using Tesla'a ( TSLA ) NACS standard.
EVgo ( EVGO ) noted that it first deployed integrated Tesla connectors in 2020.
"As a first mover in EV charging, EVgo has a history of delivering for all EV drivers, evolving from CHAdeMO only to CHAdeMO and CCS, and now CHAdeMO, CCS, and NACS through both integrated connectors and Tesla to CCS adapters," stated CEO Cathy Zoi.
Looking ahead, the electric vehicle battery charging specialist believes the recent battery charging network developments will help to accelerate EV adoption rates and sales, which in turn will spur throughput growth on EVgo's ( EVGO ) network.
Shares of EVgo ( EVGO ) are down more than 4% since the Tesla EV charging partnership with Ford was disclosed and trade on the low end of the 52-week range.
More on electric vehicle stocks:
- EVs made by General Motors will be able to use Tesla's Supercharger network
- ChargePoint: The Problems Are Getting Bigger
- EVgo: Paving The Way For Electric Vehicle Adoption
- Blink Charging: A Short Squeeze Is Possibly One Charge Away
- Seeking Alpha's Quant Rating for ChargePoint
- Seeking Alpha's Quant Rating for EVgo
For further details see:
EVgo plans to increase NACS deployments following Tesla Supercharger developments