EVgo, Inc. EVGO collaborated with Amazon.com, Inc. AMZN to launch Alexa-enabled electric vehicle (EV) charging experience. Customers with Alexa-enabled vehicles and automotive accessories like Echo Auto can ask Alexa to find and navigate to nearest EV charging station.
On Jan 5, 2023, EVgo and Amazon announced collaboration to roll out this in-vehicle functionality. The functionality leverages PlugShare, a mobile and web application, which provides information on the location and details of EV charging stations. PlugShare API offers seamless charging experience to Alexa-enabled vehicles, including Nissan ARIYA, Ford Mustang Mach-E and F-150 Lightning.
EV drives can easily locate and drive to the nearest charging station using simple voice command ‘Alexa, find EV charging stations near me’. Alexa’s list of nearby public charging stations comprise real time availability by connector type and charging speed. It also displays distance and estimated time to reach the station, making the charging experience hassle free by eliminating inconvenience involved in manual search.
Ivo Steklac, Chief Technology Officer at EVgo, said that the customer experience starts even before the driver arrives at the station. Offering voice-initiated, hands-free navigation tool for EV drivers to locate charging stations enhances customer experience.
EVgo also collaborated with Audible, an amazon subsidiary, to provide EVgo customers and PlugShare users with joint promotion for a 2-month free trial of Audible Premium Plus. Both these collaborations together will provide EV drivers with best-available audio storytelling entertainment after reaching to charging station.
For the second quarter of 2023, EVgo reported revenues of $50.6 million, surged 457% from second-quarter 2022. However, the company’s bottom line deteriorated to a loss per share of 8 cents from earnings per share of 6 cents in the year ago quarter due to high cost of sales and operating expenses.
Cost of sales and operating expenses rose to $45 million and $39.1 million, up from $9.8 million and $36.3 million, respectively.
Zacks Rank & Key Picks
EVGO currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Oshkosh Corporation OSK and Allison Transmission Holdings, Inc. ALSN, flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by $1.31 in the past 30 days. The EPS estimate for 2024 has moved up by 5 cents in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings suggests year-over-year increases of 9.4% and 25.3%, respectively. The EPS estimate for 2023 and 2024 has moved up by 7 cents and 8 cents, respectively, in the past 30 days.
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