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Blink (BLNK) Signs Agreement With Bosch to Boost EV Adoption
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Blink Charging (BLNK - Free Report) recently announced its collaborative agreement with Bosch as its official EV charger provider for General Motors (GM - Free Report) dealerships in Mexico.
Blink is part of the Bosch General Motors Dealer Equipment Program. It will help broaden General Motors’ products offered by deploying the Blink IQ 200 family of charging products and services.
Blink’s agreement with Bosch will help the company benefit from the growing EV megatrend globally. EV sales are growing rapidly in Latin American countries like Mexico, providing BLNK with opportunities to spread its operations in the continent.
Blink is rapidly expanding its operations in the United States to support the boost in EV demand. The recent partnership with Bosch will also help BLNK win market share against competitors in other American countries.
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 and its EV peers ChargePoint (CHPT - Free Report) , and EVgo (EVGO - Free Report) .
ChargePoint shares have lost 49.7% year to date compared with the Zacks Automotive - Original Equipment industry’s fall of 32.7%.
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 55.9% 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’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 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) Signs Agreement With Bosch to Boost EV Adoption
Blink Charging (BLNK - Free Report) recently announced its collaborative agreement with Bosch as its official EV charger provider for General Motors (GM - Free Report) dealerships in Mexico.
Blink is part of the Bosch General Motors Dealer Equipment Program. It will help broaden General Motors’ products offered by deploying the Blink IQ 200 family of charging products and services.
Blink’s agreement with Bosch will help the company benefit from the growing EV megatrend globally. EV sales are growing rapidly in Latin American countries like Mexico, providing BLNK with opportunities to spread its operations in the continent.
Blink is rapidly expanding its operations in the United States to support the boost in EV demand. The recent partnership with Bosch will also help BLNK win market share against competitors in other American countries.
Blink Charging Co. Price and Consensus
Blink Charging Co. price-consensus-chart | Blink Charging Co. Quote
Blink Boosting Operations in U.S. to Meet Rising EV Demand
BLNK stock has lost 54.6% in the year-to-date period compared with the Zacks Electronics - Miscellaneous Services industry’s fall of 2.5%.
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 and its EV peers ChargePoint (CHPT - Free Report) , and EVgo (EVGO - Free Report) .
ChargePoint shares have lost 49.7% year to date compared with the Zacks Automotive - Original Equipment industry’s fall of 32.7%.
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 55.9% 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’s top line in the third quarter of 2022. It reported revenues of $17.25 million, which surged 169% from the year-ago quarter.
The company, 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 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.