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ChargePoint (CHPT)-Toyota Collaborate to Ramp Up EV Charging
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ChargePoint (CHPT - Free Report) recently entered into an agreement with Toyota Motor North America Inc. (TM - Free Report) to provide accessible and convenient public and home electric vehicle (EV) charging for Toyota’s new battery-electric bZ4X SUV owners/drivers.
Major automotive players such as Toyota continue to work on electrifying transport with newer models of cars, SUVS, trucks and fleet vehicles. But the main reason why the electric vehicle has not taken off in America, or for that matter, globally, is because there are not enough charging stations at convenient locations.
This is where ChargePoint comes into play. Companies like ChargePoint have been working to enable EV charging wherever drivers live, work and play.
Per the recent agreement with Toyota, ChargePoint will provide multiple charging facilities to enhance the convenience for bZ4X drivers. To ensure that drivers can charge whenever required, ChargePoint will provide access to more than 80% of charging spots in North America.
ChargePoint, with one of the largest EV charging networks and a comprehensive portfolio of charging solutions, is creating a new fueling network that is helping businesses and drivers to go electric.
ChargePoint has been riding on a number of partnerships to boost the top line. The company has also been witnessing robust demand for its cloud subscription platform and software-defined charging hardware. The ChargePoint cloud subscription platform and software-defined charging hardware has been designed to include options for every charging scenario from home and communities to the workplace, parking, retail, hospitality and transport fleets of all types.
In the last reported quarter, networked charging systems revenues contributed 73.3% to total revenues, reaching $59.165 million, up 109% year over year.
ChargePoint’s subscription revenues witnessed a 57% year-over-year increase, reaching $17.209 million in the last reported quarter. Subscription revenues contributed 21.3% to revenues.
On Mar 16, ChargePoint partnered with European fleet delivery player Picnic to launch its cloud-based charging solutions for Picnic’s electric delivery fleet, thereby further expanding its reach in the European fleet market.
Per the agreement, Picnic will be able to use ChargePoint’s advanced software solutions, which include charge management, range forecasting and streamlined delivery route and schedule planning, thereby simplifying the management of Picnic’s operations.
In February, ChargePoint and automotive fleet management player Wheels Donlen entered into a partnership to provide the latter’s customers with both fleet mobility and home-charging solutions.
As part of the deal, Wheels Donlen customers will have access to ChargePoint’s nationwide charging network as well as its at-home charging hardware and cloud software solutions.
Around the same time, ChargePoint also announced a strategic partnership with Sonepar in France. The partnership will include the deployment of more than 1,400 charging stations in Sonepar’s France network by mid-2022.
The biggest pure-play global automotive fleet management player, Element Fleet Management Corp., collaborated with ChargePoint and WEX (WEX - Free Report) .
Per the deal, ChargePoint will provide Element clients access to the former’s nationwide charging network. WEX’s technology will enable seamless integration of the fuel and charging data to Element’s billing system. This will ensure proper visibility, consolidated reporting and financial controls for Element customers.
Earlier in 2021, ChargePoint — which currently holds a Zacks Rank #4 (Sell) — extended its partnership with Volvo (VLVLY - Free Report) with the launch of an in-car charging app developed by the former for Volvo Recharge Models.
With the integration of this in-car charging app in Volvo’s Recharge Models, drivers can easily locate a charging station and start charging without paying to unlock a charging station. With the app, drivers can also use Google Android Automotive OS to search a place to charge, get directions and pay for a charging session.
Image: Bigstock
ChargePoint (CHPT)-Toyota Collaborate to Ramp Up EV Charging
ChargePoint (CHPT - Free Report) recently entered into an agreement with Toyota Motor North America Inc. (TM - Free Report) to provide accessible and convenient public and home electric vehicle (EV) charging for Toyota’s new battery-electric bZ4X SUV owners/drivers.
Major automotive players such as Toyota continue to work on electrifying transport with newer models of cars, SUVS, trucks and fleet vehicles. But the main reason why the electric vehicle has not taken off in America, or for that matter, globally, is because there are not enough charging stations at convenient locations.
This is where ChargePoint comes into play. Companies like ChargePoint have been working to enable EV charging wherever drivers live, work and play.
Per the recent agreement with Toyota, ChargePoint will provide multiple charging facilities to enhance the convenience for bZ4X drivers. To ensure that drivers can charge whenever required, ChargePoint will provide access to more than 80% of charging spots in North America.
ChargePoint Holdings, Inc. Price and Consensus
ChargePoint Holdings, Inc. price-consensus-chart | ChargePoint Holdings, Inc. Quote
Demand for Charging Solutions to Boost Top Line
ChargePoint, with one of the largest EV charging networks and a comprehensive portfolio of charging solutions, is creating a new fueling network that is helping businesses and drivers to go electric.
ChargePoint has been riding on a number of partnerships to boost the top line. The company has also been witnessing robust demand for its cloud subscription platform and software-defined charging hardware. The ChargePoint cloud subscription platform and software-defined charging hardware has been designed to include options for every charging scenario from home and communities to the workplace, parking, retail, hospitality and transport fleets of all types.
In the last reported quarter, networked charging systems revenues contributed 73.3% to total revenues, reaching $59.165 million, up 109% year over year.
ChargePoint’s subscription revenues witnessed a 57% year-over-year increase, reaching $17.209 million in the last reported quarter. Subscription revenues contributed 21.3% to revenues.
On Mar 16, ChargePoint partnered with European fleet delivery player Picnic to launch its cloud-based charging solutions for Picnic’s electric delivery fleet, thereby further expanding its reach in the European fleet market.
Per the agreement, Picnic will be able to use ChargePoint’s advanced software solutions, which include charge management, range forecasting and streamlined delivery route and schedule planning, thereby simplifying the management of Picnic’s operations.
In February, ChargePoint and automotive fleet management player Wheels Donlen entered into a partnership to provide the latter’s customers with both fleet mobility and home-charging solutions.
As part of the deal, Wheels Donlen customers will have access to ChargePoint’s nationwide charging network as well as its at-home charging hardware and cloud software solutions.
Around the same time, ChargePoint also announced a strategic partnership with Sonepar in France. The partnership will include the deployment of more than 1,400 charging stations in Sonepar’s France network by mid-2022.
The biggest pure-play global automotive fleet management player, Element Fleet Management Corp., collaborated with ChargePoint and WEX (WEX - Free Report) .
Per the deal, ChargePoint will provide Element clients access to the former’s nationwide charging network. WEX’s technology will enable seamless integration of the fuel and charging data to Element’s billing system. This will ensure proper visibility, consolidated reporting and financial controls for Element customers.
Earlier in 2021, ChargePoint — which currently holds a Zacks Rank #4 (Sell) — extended its partnership with Volvo (VLVLY - Free Report) with the launch of an in-car charging app developed by the former for Volvo Recharge Models.
With the integration of this in-car charging app in Volvo’s Recharge Models, drivers can easily locate a charging station and start charging without paying to unlock a charging station. With the app, drivers can also use Google Android Automotive OS to search a place to charge, get directions and pay for a charging session.
ChargePoint’s shares have declined 10.9% in the past year compared with the Zacks Automotive - Original Equipment industry’s fall of 42.8% and the Auto, Tires and Trucks sector’s return of 0.4%.
You can see the complete list of today’s Zacks #1 Rank stocks here.