EVgo Inc - Ordinary Shares - Class A Stock News

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation's largest public fast charging networks for electric vehicles (EVs), today announced several significant network enhancements through EVgo ReNew™, the Company's comprehensive program created to elevate the customer experience. In addition to network advances, EVgo has debuted the Canary Model™, a...

It has been a catastrophic period for Electric Vehicle (EV) charging stocks. For one, the Global X Autonomous & Electric Vehicles ETF (NASDAQ: DRIV ) and the Global X Lithium & Battery Tech ETF (NYSEARCA: LIT ) have both shed asymmetrical value in the past month, showing the systematic headwinds baked into the EV market.

The electric vehicle industry is experiencing challenging times. Macroeconomic headwinds have impacted growth, and intense competition has translated into margin compression.

The U.S. stock market is currently in the midst of a correction, primarily due to a lower-than-expected increase in jobs last month and some high-profile earnings misses. But on Aug. 2, FactSet reported that 78% of the S&P 500 firms that had delivered their quarterly financial results had generated earnings per share that were above analysts' average estimates.

This has not been a great year for the electric vehicle industry. But despite a slowdown in the global electric vehicle industry in 2024, S&P Global expects the general trend to progress upwards.

For many years, the electric vehicle (EV) industry, including EV charging stocks, has been plagued by two main adoption obstacles. Those include cars looking awkward and high upfront cost.

EVgo, Inc. (NASDAQ:EVGO ) Q2 2024 Earnings Conference Call August 1, 2024 11:00 AM ET Company Participants Heather Davis - VP, IR Badar Khan - CEO Stephanie Lee - CFO Conference Call Participants Chris Dendrinos - RBC Capital Markets Bill Peterson - JPMorgan Craig Irwin - Roth Capital Partners William Griffin - UBS Chris Pierce - Needham & Company Andres Sheppard - Cantor Fitzgerald Operator Th...

With more people buying electric vehicles, there's been substantial demand for accessible EV charging stations. While we aren't near the 500,000 EV charging stations the Biden Administration wants installed, we are seeing investments from public and private institutions.