- ChargePoint partners with Nikola Corporation to improve structure for commercial EVs.
- World is constantly seeing rising demands in electric vehicles.
- CHPT stock was changing hands at $12.5 at the time of writing.
ChargePoint to Offer EV Infrastructure to Nikola
Rise in the electrical vehicle demand is not enough until the companies have a prominent charging infrastructure for them. ChargePoint (NYSE: CHPT), an American EV infrastructure company, has joined forces with Nikola Corporation (NASDAQ: NKLA) to provide a structure required for commercial EVs. CHPT ຫຸ້ນ price is down at the moment, the collaboration however may charge the company shares in coming days.
The collaboration will reduce the time consumption significantly. Charging structures are vital for a company’s EV fleet and manage vehicle charging, scheduling and more. Nikola Corporation said that they may miss their estimated target by 300 electric vehicles.
ChargePoint corporation collaborated with Goldman Sachs Renewable Power in March 2022 to implement superior EV charging solutions. In June, they partnered with the National Electrical Contractor Association to develop training programs for their members. Just a couple of months earlier, they joined forces with the federal government to support their electrification plans.
CHPT Stock Price Action
CHPT stock price has remained volatile during the year. It traded the highest in June 2022, reaching $21 during the month. It broke $11 support levels during May 2022 to reach below $9. Price revival came following the NECA partnership as it exchanged hands at around $16 during June and July, which also served as the resistance.
Share value touched the resistance couple of times before the breakout in August 2022. CHPT stock touched the month’s high to $19.27, which served as the resistance zone for September 2022. The Goldman Sachs Renewable Power deal helped CHPT ຫຸ້ນ price to push over $19 again, but that was the last time investors saw the shares reaching the zone to the date.
CHPT stock was trading at the market price of $12.5 at time of writing. Analysts have a positive outlook on the company shares for the next year. They believe that it may explode by over 250% to $46 at max. Their minimum estimate remains $13.5, which indicates that the stock may still be profitable to the investors.
Global EV industry is growing at a faster pace following the rising demand and global warming. Some scientists believe in a phenomenon called the ‘Three Degree World,’ which may turn the earth into a ‘Third World’. Experts think that the EV industry may become a $1.1 Trillion industry at a CAGR of 23%.
Demand for EVs has grown 155% in China and 66% in Europe between 2020 and 2021. Recently, Mullen Automotive (NASDAQ: MULN) joined forces with Newgate Motor Group to expand their distribution rights for I-GO, their signature EV series.
Source: https://www.thecoinrepublic.com/2022/11/11/we-may-see-a-breakout-in-chpt-stock-following-the-nikola-deal/