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Zacks: GM & EVgo to Install 400 Fast Chargers in U.S.

Zacks: GM & EVgo to Install 400 Fast Chargers in U.S.

General Motors (GM) and EVgo Inc. are deepening their collaboration. They launch a project to install 400 fast charging stations in major U.S. cities. This initiative aims to enhance the EV charging infrastructure with advanced features. It will include 350kW chargers, canopies, lighting, pull-through access, and security cameras, addressing the rising demand for reliable charging options.

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The new stations will strategically be located in metropolitan areas across states like Arizona, California, Florida, Georgia, Michigan, New York, and Texas. Each station will accommodate up to 20 charging stalls. Some locations will feature additional stalls to support the growing number of electric vehicles on the road.

Co-branded by EVgo and GM Energy, these stations will be conveniently near shopping centers, restaurants, coffee shops, and other amenities. This is to ensure a user-friendly experience for drivers while they charge their vehicles. The first flagship station will open in 2025, utilizing EVgo’s prefabrication methods to expedite construction and allow for future expansion.

In total, GM and EVgo aim to install 2,850 DC fast-charging stalls, with additional funding allocated to enhance the premium experience at these new sites. The partnership recently celebrated a milestone by opening their 1,000th fast-charging stall in August 2023, with plans to reach 2,000 stalls by the end of 2024. This expansion is a significant step towards providing widespread access to fast charging for EV drivers.

Zacks Rank & Key Picks

Currently, GM holds a Zacks Rank of #3 (Hold). In contrast, Dorman Products, Inc. (DORM) and Blue Bird Corporation (BLBD) are performing well with a Zacks Rank of #1 (Strong Buy). Dorman’s 2024 sales and earnings estimates show expected growth of 3.71% and 35.46%, respectively, with improved EPS estimates over the past 60 days. Similarly, Blue Bird’s 2024 sales and earnings projections indicate growth of 17.58% and an impressive 215.89%, with recent enhancements to their EPS estimates as well.