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Highlights
- On Tuesday, Blink Charging Co. (NASDAQ:BLNK) said it would supply EV chargers to General Motors (GM) dealerships in the US and Canada.
- The company has deployed more than 30,000 charging ports to date. Blink Charging has a presence in 13 countries.
- The stock fell 46% in one year.
Blink Charging Co. (NASDAQ:BLNK) stock rose 7.72% to US$25.1853 at 1:39 pm ET on Tuesday after it said it would supply EV chargers to General Motors dealerships in the US and Canada.
The company will supply the IQ 200 Level 2 chargers in collaboration with ABM Industries, a facility solutions provider, across GM’s North American market.
It has already shipped the chargers to some dealers, and more shipments are to follow suit in the coming months. The Level 2 charger provides around an 18-28-mile range per hour.
Meanwhile, GM is expected to deliver the electric version of its top-selling Silverado pickup truck in the fall of 2023. The supplies would boost EV adoption and meet the infrastructural need of GM's EV models.
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Blink Charging Co. has a market capitalization of US$1.06 billion. The stock fell around 46% in one year. It traded in the range of US$64.50 to US$22.52 in the same period.
The stock closed at US$23.38 on January 14, 2022.
The Miami, Florida-based company provides EV charging services, like charging equipment, charging ports, etc. It has deployed more than 30,000 charging ports in 13 countries so far.
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The charging equipment is for both residential and commercial purposes. Its products include Blink Network, EV charging equipment, and EV charging services.
The company posted revenue of US$13 million for the nine months ended September 30, 2021, compared to US$3.8 million in the same period a year ago.
Its net loss was US$36.15 million or US$0.87 per share diluted compared to a net loss of US$9.9 million or US$0.34 per share diluted in the corresponding period of 2020.
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Bottomline
The electric vehicle market is expected to grow rapidly in the coming years as governments shift their focus towards green energy automobiles to fight global warming. The global EV sales are expected to reach 10 million vehicles by 2025.
Blink Charging has forged partnerships with parking facilities, workplace locations, multifamily residences, schools, universities, retailers, restaurants, hospitals, airports, etc., for supplying EV charging ports. Nevertheless, investors should carefully analyze the stocks before investing.
