EVGO Making Connections and Expanding Footprint in Electric Vehicle Market

One of the nations largest public fast charging networks, EVgo Inc. (EVGO) has announced today that it will be deploying North American Charging Standard (NACS) connectors. Stations will serve both CCS and NACS vehicles. Utilization of the EVgo network was 19% in Q1 2024 which is up ~10% from the previous year. The company currently leads the PRISM Emerging EV Index as its trading up ~17%.

As the company introduces even more robust charging systems Tesla and non-Tesla NACS vehicles will also be able to utilize the Autocharge+ which is an EVgo streamlined payment feature where drivers can plug in and begin to charge without the use of an app, credit card or RFID card.

Electric vehicle stocks have seen a recent boom as the Biden Administration announced new China tariffs on EVs in addition to other good such as semiconductor chips and solar cells.