Why ChargePoint (CHPT) Shares Are Nosediving
Portfolio Pulse from Henry Khederian
ChargePoint Holdings Inc (CHPT) shares are trading lower by 4.86% after General Motors announced a partnership with Tesla to use its charging network. The collaboration will integrate the North American Charging Standard connector design into GM's EVs starting in 2025, providing GM EV drivers access to 12,000 Tesla Superchargers across North America.
June 12, 2023 | 2:10 pm
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ChargePoint's stock price is negatively impacted by GM's partnership with Tesla, as it may reduce the demand for ChargePoint's charging network.
The partnership between GM and Tesla allows GM EV drivers to access Tesla's Supercharger network, which may lead to reduced demand for ChargePoint's charging network. This could negatively impact ChargePoint's market share and revenue, resulting in a drop in its stock price.
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