Evgo Recognizes Ride Share Growth - InvestingChannel

Evgo Recognizes Ride Share Growth

EVgo Inc. (NASDAQ: EVGO) shares fell Thursday. The company, one of the nation’s largest public fast charging networks for electric vehicles (EVs), experienced tremendous growth in rideshare across its nationwide network, with commercial throughput more than tripling from the first quarter of 2023 to the first quarter of 2024.

When evaluating usage on EVgo’s network, EVgo determined that the average rideshare driver charged approximately five times more than the average retail customer during 2023. Rideshare throughput reached 24% of total throughput in the first quarter this year, up from 11% in the first quarter of 2021. As more rideshare drivers transition to driving electric, the amount of electricity dispensed to this group of customers is expected to increase.

“Uber, Lyft and other rideshare companies are taking the lead in driving EV adoption among their large, distributed base of drivers,” said Scott Levitan, Executive Vice President of Growth at EVgo. “EVgo is committed to continuing to deploy fast chargers in high-density locations with great amenities to best serve rideshare drivers on the go.”

An average rideshare driver travels much farther than the average commuter and is more likely to need access to fast charging to quickly power up between rides. Drivers can sign up for EVgo’s charging programs with its partners such as Uber and Lyft at www.evgo.com/rideshare.

EVGO shares lost two cents to begin Thursday at $2.13.

Related posts

Advisors in Focus- January 6, 2021

Gavin Maguire

Advisors in Focus- February 15, 2021

Gavin Maguire

Advisors in Focus- February 22, 2021

Gavin Maguire

Advisors in Focus- February 28, 2021

Gavin Maguire

Advisors in Focus- March 18, 2021

Gavin Maguire

Advisors in Focus- March 21, 2021

Gavin Maguire