Market Chatter: EVgo Open to Acquisitions as EV Charging Sector Faces Headwinds

MT Newswires Live

Sep 27

EVgo (EVGO) is open to exploring acquisitions of rivals as the looming end of a key federal subsidy and slowing electric vehicle sales intensify pressure on the electric vehicle charging sector, Bloomberg reported Friday, citing Chief Executive Badar Khan.

EVgo is open to mergers and acquisitions that deliver "compelling returns" for shareholders, Khan said in an interview at Bloomberg's headquarters in New York.

The broader EV charging sector is currently facing significant strain due to the expiration of federal tax credits, slowing EV sales, and heightened competition, the report said.

EVgo's network use has surged "fivefold" in the past three years, with more than 4,300 fast-charging stalls operating at the end of Q2, Khan told Bloomberg.

EVgo didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 4.52, Change: -0.12, Percent Change: -2.48

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