$EVGO Stock Price Weekly Analysis and Its Partnership with Amazon

• $EVGO stock closed at $6.70 on its last trading day with a decrease of 3%.
• EVgo also announced its partnership with Amazon to support an Alexa-enabled charging experience.

EVgo Inc. (NASDAQ:EVGO) is an electric vehicle (EV) charging station company. The company offers the EVgo network, home charging solutions, work charging solutions, and freedom station plans to electric car owners. EVgo stock noted an increase of around 61% in one month and weekly almost 12% of growth in its stock price.

However, on its last trading day, EVGO closed at $6.70 with almost 3% of decline in its price. EVGO currently has a market cap of 1.77 Billion. Its 52 week high was at $14.23 and low was at $3.64.

EVgo’s Partnership with Amazon

EVgo Inc. was founded in 2010, building and operating the infrastructure and tools needed to expedite the mass adoption of EV for individual drivers, rideshare and commercial fleets and businesses. At the beginning of January 2023, the EV charging company announced a partnership with Amazon (NASDAQ:AMZN) to support an Alexa-enabled electric vehicle charging experience.

The in-vehicle functionality will be rolled out to Alexa-enabled vehicles and automotive accessories like Echo Auto later this year. It will leverage PlayShare and EVgo Inside to allow the customers to find nearby charging stations, access a public EV charging map and initiate and pay for charging sessions using the Alexa app.

In the future customers will also be able to view real-time charger availability and view sessions along with billing information. This collaboration with Amazon comes as EVgo continues to grow its partnership across the industries working towards shared sustainability and electrification goals via its charging solutions and technology offering.

The Chief Executive Officer (CEO) of EVgo, Cathy Zoi, stated that “EVgo Inc. and Amazon shared its principles of being customer-centric and committed to a sustainable future. It makes innovative experiences like voice-initiated charging possible. EVgo is proud to be Amazon’s first charging network partner to enable this Alexa experience.”

According to EVgo’s Q3 Earnings, its revenue grew to $10.5 Million, which represents an increase of 70% year-over-year. The network throughput reached 12.1 Gigawatt hours (GWh) in the third quarter, with an increase of 5% year-over-year.

Investment in The EV Charging Stocks

In today’s world, the EV market is no longer a futuristic niche that enthusiasts are optimistic about. This industry is currently undergoing a massive boom, with its sights set on conquering mainstream road transport.

In 2021 the United States President Joe Biden also signed an executive order that laid out a plan for the adoption of zero-emission vehicles in the country. The goal had been set for 50% of all vehicles sold in the U.S. to be of either the electric or hybrid forms by 2030. So, it can be said that the EV charging stocks would have quite a bright future.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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