EVgo stock soars after expanded partnerships with GM, Uber

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Shares of EVgo Inc. soared 18.1% in morning trading Tuesday, paring earlier gains of as much as 32.2%, after the electric-vehicle charging network announced expansions of its collaboration with General Motors Co. and its partnership with Uber Technologies Inc. With GM, EVgo said the companies increased plans on building DC fast-charging stalls to 3,250 through 2025 from 2,750, and will increase the number of metropolitan markets covered to 52 from 40. “As EV adoption picks up momentum across both consumer and commercial segments, the charging infrastructure buildout needs to continue being a few steps ahead of demand,” said EVgo Chief Executive Cathy Zoi. With Uber, the expanded partnership includes new discounts and benefits for all Uber rideshare drivers, who tend to charge their EVs multiple times per day. The company said Uber drivers can access EVgo member rates without any monthly fees, while those with Uber Pro Gold, Platinum or Diamond status can save up to 30% over standard charging rates. EVgo shares have soared 47.7% over the past three months, while the S&P 500 has gained 6.1%.

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