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Blink (BLNK) Introduces EV Chargers in US to Boost Prospects
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Blink Charging (BLNK - Free Report) recently announced that it will provide new electronic vehicle (EV) charging stations in Rockford, IL, in accordance with a Region 1 Planning Council (R1) program to make charging stations more affordable and accessible for local governments.
Blink Charging was named a key supplier after an extensive RFP (Request for Proposal) process, which will help the company provide charging stations to local governments, thus improving its prospects.
The City of Rockford is the first local government to install Blink Charging stations, which reflects a positive social environment that supports EVs.
This move comes after BLNK’s announcement of launching a facility in the United States in October to boost domestic manufacturing.
The manufacturing facility will help the company to significantly boost the electrification of fleet vehicles and make charging more accessible for EV drivers living in multifamily buildings and to governments. This will enhance its top-line growth.
All-time-high inflation increased the total cost of revenues and operating expenses, which weighed on margin expansion in the third quarter of 2022 and resulted in a quarterly loss of 47 cents compared with a loss of 36 cents in the year-ago quarter.
Further interest rate hikes by the Federal Reserve are expected to have brought recession to the U.S. market, as reflected by the mass employee sacking by major tech giants like Meta Platforms, Twitter and Microsoft.
The technology sector is bearing the brunt of the macro-economic uncertainty as reflected by the crash in share prices of Blink Charging and its EV peers ChargePoint (CHPT - Free Report) , Beam Global (BEEM - Free Report) and EVgo (EVGO - Free Report) .
ChargePoint shares have lost 50% year to date compared with the Zacks Automotive - Original Equipment industry’s fall of 32.7%.
Beam Global shares have fallen 10.5% in the year-to-date period, outperforming the Automotive-Original Equipment industry.
EVgo is a chief competitor of Blink Charging as an EV charging company that provides competitively priced EV charging services to customers. EVGO’s shares have tumbled 33.7% in the year-to-date period.
However, an uptick in demand across the automotive domain for EVs as economies reopened and lockdowns were lifted might have acted as a tailwind.
An increase in sales of EV transportation led to a rise in the need for additional charging infrastructure. This contributed to Blink Charging’s top line in the third quarter of 2022. It reported revenues of $17.25 million, which surged 169% from the year-ago quarter.
Per the International Energy Agency, global EV sales are expected to soar from 3 million vehicles in 2020 to about 25 million vehicles in 2030, courtesy of growing awareness about lowering carbon footprint to counter global warming.
A favorable legislative environment to adopt zero-emission EVs, both nationally and globally, might have favored the company’s to-be-reported quarter’s top line. The Biden government recently approved the first-round funding of $900 million for the nationwide development of EV charging infrastructure through its Inflation Reduction Act.
Moreover, positively impacting the EV industry is the CHIPS and Science Act, which is helping to solve the U.S. semiconductor supply chain issue and boosting EV production and sales.
As a result, Blink Charging decided to increase its production capacity in the United States to benefit from the positive social and economic environment the company is operating in amid such an economic crisis globally.
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Blink (BLNK) Introduces EV Chargers in US to Boost Prospects
Blink Charging (BLNK - Free Report) recently announced that it will provide new electronic vehicle (EV) charging stations in Rockford, IL, in accordance with a Region 1 Planning Council (R1) program to make charging stations more affordable and accessible for local governments.
Blink Charging was named a key supplier after an extensive RFP (Request for Proposal) process, which will help the company provide charging stations to local governments, thus improving its prospects.
The City of Rockford is the first local government to install Blink Charging stations, which reflects a positive social environment that supports EVs.
This move comes after BLNK’s announcement of launching a facility in the United States in October to boost domestic manufacturing.
The manufacturing facility will help the company to significantly boost the electrification of fleet vehicles and make charging more accessible for EV drivers living in multifamily buildings and to governments. This will enhance its top-line growth.
Blink Charging Co. Price and Consensus
Blink Charging Co. price-consensus-chart | Blink Charging Co. Quote
Blink Charging Banks on Positive Social Environment to Boost Prospects
BLNK stock has lost 55.4% in the year-to-date period compared with the Zacks Electronics - Miscellaneous Services industry’s fall of 3.2%.
All-time-high inflation increased the total cost of revenues and operating expenses, which weighed on margin expansion in the third quarter of 2022 and resulted in a quarterly loss of 47 cents compared with a loss of 36 cents in the year-ago quarter.
Further interest rate hikes by the Federal Reserve are expected to have brought recession to the U.S. market, as reflected by the mass employee sacking by major tech giants like Meta Platforms, Twitter and Microsoft.
The technology sector is bearing the brunt of the macro-economic uncertainty as reflected by the crash in share prices of Blink Charging and its EV peers ChargePoint (CHPT - Free Report) , Beam Global (BEEM - Free Report) and EVgo (EVGO - Free Report) .
ChargePoint shares have lost 50% year to date compared with the Zacks Automotive - Original Equipment industry’s fall of 32.7%.
Beam Global shares have fallen 10.5% in the year-to-date period, outperforming the Automotive-Original Equipment industry.
EVgo is a chief competitor of Blink Charging as an EV charging company that provides competitively priced EV charging services to customers. EVGO’s shares have tumbled 33.7% in the year-to-date period.
However, an uptick in demand across the automotive domain for EVs as economies reopened and lockdowns were lifted might have acted as a tailwind.
An increase in sales of EV transportation led to a rise in the need for additional charging infrastructure. This contributed to Blink Charging’s top line in the third quarter of 2022. It reported revenues of $17.25 million, which surged 169% from the year-ago quarter.
BLNK, which currently carries a Zacks Rank #3 (Hold), is likely to benefit from improving demands for EVs. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Per the International Energy Agency, global EV sales are expected to soar from 3 million vehicles in 2020 to about 25 million vehicles in 2030, courtesy of growing awareness about lowering carbon footprint to counter global warming.
A favorable legislative environment to adopt zero-emission EVs, both nationally and globally, might have favored the company’s to-be-reported quarter’s top line. The Biden government recently approved the first-round funding of $900 million for the nationwide development of EV charging infrastructure through its Inflation Reduction Act.
Moreover, positively impacting the EV industry is the CHIPS and Science Act, which is helping to solve the U.S. semiconductor supply chain issue and boosting EV production and sales.
As a result, Blink Charging decided to increase its production capacity in the United States to benefit from the positive social and economic environment the company is operating in amid such an economic crisis globally.