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General Motors (GM) to Deploy 40K Community-Based EV Chargers
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General Motors (GM - Free Report) is set to install up to 40,000 Level 2 electric vehicle (EV) chargers across the United States and Canada. The U.S. auto giant, along with its dealers, will jointly work to broaden access to charging in areas where the facility is limited. The initiative, beginning in 2022, is in sync with the company’s latest commitment to spend $750 million to expand home, workplace, and public charging infrastructure through its Ultium Charge 360 ecosystem.
The company, unlike giants such as Tesla (TSLA - Free Report) and Volkswagen (VWAGY - Free Report) , does not have its own EV charging network and instead, its customers are dependent on third-party chargers which necessitate specific membership requirements. To ease out the process for EV owners, General Motors has chalked a plan to work through the Dealer Community Charging Program and install Level 2 charging stations at prime locations in the dealer’s respective communities that include workplaces, sports and entertainment venues, and academic institutes, to name a few. The charging stations will be accessible to all EV customers irrespective of whether they purchase a General Motors EV.
Although the automaker will give each of its dealers up to 10 Ultium Level 2 charging stations for installation, it doesn’t plan to finance the 40,000 chargers but seeks to work jointly with dealers and community leaders to finalize the financing. It will also be offering its new line of three Ultium-branded Level 2 smart charging stations to its customers. This will make more way for home or commercial charging options and make EV charging more acceptable.
Through its Ultium Charge 360 framework, the company seeks to do away with the charging deserts in many urban and rural areas deficient in the required EV charging infrastructure. Finding a charging station with ease of access is difficult in the United States, especially for non-Tesla owners. So, the initiative by General Motors is a testimony to the company’s efforts to provide a holistic EV experience.
General Motors’ initiatives promise a more inclusive, accessible, and seamless system of EV charging, not only across the United States and Canada, but also the underserved, rural, and urban areas.
Shares of General Motors have risen 64.4% over a year compared with the industry’s 69.6% rally.
Image: Shutterstock
General Motors (GM) to Deploy 40K Community-Based EV Chargers
General Motors (GM - Free Report) is set to install up to 40,000 Level 2 electric vehicle (EV) chargers across the United States and Canada. The U.S. auto giant, along with its dealers, will jointly work to broaden access to charging in areas where the facility is limited. The initiative, beginning in 2022, is in sync with the company’s latest commitment to spend $750 million to expand home, workplace, and public charging infrastructure through its Ultium Charge 360 ecosystem.
The company, unlike giants such as Tesla (TSLA - Free Report) and Volkswagen (VWAGY - Free Report) , does not have its own EV charging network and instead, its customers are dependent on third-party chargers which necessitate specific membership requirements. To ease out the process for EV owners, General Motors has chalked a plan to work through the Dealer Community Charging Program and install Level 2 charging stations at prime locations in the dealer’s respective communities that include workplaces, sports and entertainment venues, and academic institutes, to name a few. The charging stations will be accessible to all EV customers irrespective of whether they purchase a General Motors EV.
Although the automaker will give each of its dealers up to 10 Ultium Level 2 charging stations for installation, it doesn’t plan to finance the 40,000 chargers but seeks to work jointly with dealers and community leaders to finalize the financing. It will also be offering its new line of three Ultium-branded Level 2 smart charging stations to its customers. This will make more way for home or commercial charging options and make EV charging more acceptable.
Through its Ultium Charge 360 framework, the company seeks to do away with the charging deserts in many urban and rural areas deficient in the required EV charging infrastructure. Finding a charging station with ease of access is difficult in the United States, especially for non-Tesla owners. So, the initiative by General Motors is a testimony to the company’s efforts to provide a holistic EV experience.
General Motors’ initiatives promise a more inclusive, accessible, and seamless system of EV charging, not only across the United States and Canada, but also the underserved, rural, and urban areas.
Shares of General Motors have risen 64.4% over a year compared with the industry’s 69.6% rally.
General Motors — which shares space with Ford (F - Free Report) — currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.