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Charging Stocks Jump On GM's Ultium Charge 360 Launch

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Charging Stocks Jump On GM's Ultium Charge 360 Launch

To help its goal of launching 30 electric vehicles globally by the end of 2025, General Motors Company (NYSE: GM) launched a new charging infrastructure plan Wednesday.

What Happened: GM announced the launch of Ultium Charge 360. The new platform will integrate charging networks, on-vehicle mobile apps and other products.

GM is collaborating with seven charging network companies with over 60,000 charging plugs available to its customers. The partners are Blink Charging (NASDAQ: BLNK), ChargePoint Holdings (NYSE: CHPT), EV Connect, FLO, Greenlots, SemaConnect and EVgo, which is going public through a SPAC merger with Climate Change Crisis Real Impact I Acquisition Corp (NYSE: CLII).

EVgo and GM launched the first Ultium-ready fast chargers recently with a goal of 500 fast charging stalls live by the end of 2021. The partnership between the two companies includes plans for 2,700 fast chargers by the year 2025. Each site will have an average of four chargers per site.

General Motors has committed over $27 billion to electric vehicle and autonomous vehicle efforts through 2025. The company’s goal is to have electric vehicles at all price points for work, adventure, performance and family use.

Related Link: Charging Infrastructure SPAC Plays: Is EVGo The Best of The Bunch

Price Action: Shares of General Motors closed down 1% to $58.55.

Blink Charging shares rose 7% to $39.55.

ChargePoint Holdings shares were up 5% to $26.33.

Climate Change Crisis Real Impact I Acquisition Corp shares were up 8% to $13.70.

Disclosure: The author is long CHPT.

A 2022 Chevrolet Bolt EUV is charged at an EVgo fast charging station. Photo by Dan MacMedan for Chevrolet.

 

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