Blink Charging (BLNK) to supply EV chargers to GM stores, stock up 7%

3 min read | January 19, 2022 07:22 AM AEDT | By Versha Jain

Google News:

Blink Charging (BLNK) to supply EV chargers to GM stores, stock up 7% — Image source: supermodel,Shutterstock

Recent News

Why Are ASX 200 Lithium Miners Back in Focus?

Can New Leadership Accelerate Kayelekera’s Next Chapter?

Can Endeavour Group’s Cost-Saving Plan Change The Profitability Narrat...

Can New Board Appointments Strengthen Dalrymple Bay Infrastructure’s G...

Make Kalkine Media
My Trusted Source

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.

Also Read: Five energy stocks that gave over 100% return in a year

Blink Charging (BLNK) to supply EV chargers to GM dealerships, stock up 7%.

Also Read: 5 best US hospital stocks for 2022

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.

Also Read: Will these travel stocks beat the covid impact in 2022?

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.

Also Read: Top 5 US semiconductor stocks to watch in 2022

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.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.