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Why EV charging is still such a pain
  + stars: | 2023-11-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com   time to read: +8 min
Power show that, despite more and more EV chargers being available, EV owners are actually getting less satisfied with public charging. When it comes to consumer satisfaction, EV charging is in some very poor corporate company. Away from home, charging your EV costs more than charging at home, sometimes twice as much. A ChargePoint electric vehicle (EV) charging station at the Lafontaine Kia dealership in Detroit, Michigan, US, on Thursday, July 13, 2023. Justin Sullivan/Getty Images“Safety is paramount,” said Rick Wilmer, chief operating officer of EV charging provider ChargePoint.
Persons: it’s, “ They’re, , Brent Gruber, Gruber, Bing Guan, There’s, Lafontaine, Matthew Hatcher, Nathan Wang, Wang, Justin Sullivan, Rick Wilmer, Wilmer, What’s, it’s Shell, don’t, Mark Hawkinson Organizations: New, New York CNN, J.D, EV, Department of Energy, CCS, Volvo, Bloomberg, Getty, Lafontaine Kia, UL, Vehicles, Bolt, BP, Exxon Locations: New York, ., United States, California, States, Mississippi, Montana, Detroit , Michigan, Corte Madera , California
Ford to add more Tesla EV chargers to its network
  + stars: | 2023-10-30 | by ( ) www.reuters.com   time to read: +2 min
Oct 30 (Reuters) - Ford Motor (F.N) said on Monday it would add more of Tesla's Superchargers to its electric-vehicle charging network, higher than previously forecast, as automakers tap into the EV leader's sprawling charger network to expand the range of their cars. Ford will now add over 15,000 of Tesla's Superchargers to its network, up from its earlier projection of 12,000 chargers. These three providers would bring more than 10,000 new chargers to the network, including more than 550 new DC fast chargers. BlueOval combines multiple charging networks to provide access to the largest North American public charging network offered by automotive manufacturers. The development comes months after Ford struck a deal with Tesla to allow EV owners gain access to the biggest network of high-speed Superchargers in the United States in early 2024.
Persons: Ford, BlueOval, Tesla, Abhijith Ganapavaram, Shilpi Majumdar Organizations: Ford, EV, U.S, Francis Energy, Ford EV, Shell, Thomson Locations: North America, Canada, America, United States, Bengaluru
There could be more pain ahead for clean technology stocks — but there may be a buying opportunity for long-term investors, according to JPMorgan. Analyst Bill Peterson said clean technology stocks have seen sentiment become even more challenged following the second-quarter earnings cycle, as investors struggle to digest sliding demand trends, inflation and project delays. Clean technology stocks have fallen about 22% since 2023 began by JPMorgan's calculations, while the technology-heavy Nasdaq Composite has climbed around 21%. "Despite several positive catalysts on the horizon, we think the Clean Tech universe will likely see sentiment worsen before it gets better," Peterson told clients on Friday. However, the average analyst polled by LSEG has a buy rating with an expected upside of nearly 320%.
Persons: Bill Peterson, Peterson, LSEG, — CNBC's Michael Bloom Organizations: JPMorgan, Nasdaq
Investors raised their short bets against various solar stocks and electric vehicle charging companies as the stock market breaks down. Hedge funds, in turn, are raising their bets against stocks they feel are particularly vulnerable in a downturn. Short interest in ChargePoint increased 23% to roughly 91 million shares, while short interest in Plug Power rose 9% to 139 million shares. Short interest reached about 32% and 26% of the float in both of those companies, respectively. A handful of aviation stocks also saw a jump in short interest bets, namely Frontier Group and Archer Aviation , which saw short interest rise to 8% and 7%, respectively.
Persons: SunPower, Frontier, Grindr Organizations: Nasdaq, New York Stock Exchange, Frontier Group, Archer Aviation, Marathon, Cipher Mining, Canada Goose Holdings Locations: Wayfair
A flood of automakers have announced their EVs will adopt Tesla's charging tech. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementIt started with a drop, and then a flood of automakers announcing their vehicles would soon support Tesla's charging technology, a major win for consumers and a massive vote of confidence for the plug. But even as the companies behind a vast number of new electric vehicles announce support for the North American Charging Standard, or NACS, two major holdouts remain: Volkswagen and Stellantis. Though ChargePoint dominates in US charging overall in terms of quantity of plugs, Tesla leads in terms of number of fast-charging ports, according to consultancy EVAdoption.
Persons: , Stellantis, haven't, Tesla, Elon Musk Organizations: Volkswagen, Service, American, P Global Mobility, VW, Stellantis, Group, Tesla, North, EV Locations: America
CNN —Toyota has joined the growing list of automakers that have decided to switch to using Tesla’s charging standard. Beginning in 2025 all Toyota electric vehicles sold in the US will have charging ports designed to work with Tesla’s North American Charging Standard (NACS), rather than the Combined Charging System plugs automakers in the US now use. Toyota’s announcement means that all of America’s best-selling automakers — Toyota ranks second only to General Motors in US sales — have agreed to switch to Tesla’s standard in the next few years. Tesla chief executive Elon Musk announced in November of last year that he was inviting other automakers and charging companies to adopt Tesla’s NACS. Major charging companies have announced they will offer both types of cables to service electric vehicles with either type of charging port.
Persons: Toyota's, NATHAN LEACH, Elon Musk, Ford, Tesla, doesn’t Organizations: CNN, Toyota, — Toyota, General Motors, GM, Benz, Nissan, Honda, Hyundai, Kia, Lexus, EV, CCS, Ford, Chrysler, Fiat, Volkswagen, Mazda, Subaru Locations: EVs, America
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Taiwan Semi looks like a buy, the only concern is China'Mad Money' host Jim Cramer weighs in on stocks including: ChargePoint, Phathom Pharmaceuticals, Luminar Technologies, Taiwan Semi, Axon Enterprise, Navitas Semiconductor, Biohaven LTD and RTX.
Persons: Jim Cramer Organizations: Phathom Pharmaceuticals, Luminar Technologies, Navitas Semiconductor, Biohaven Locations: Taiwan, China
Cramer's Lightning Round: Sell Phathom Pharmaceuticals
  + stars: | 2023-10-12 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon ChargePoint's year-to-date stock performance. Stock Chart Icon Stock chart icon Phathom Pharmaceuticals' year-to-date stock performance. Stock Chart Icon Stock chart icon Luminar Technologies' year-to-date stock performance. Stock Chart Icon Stock chart icon Taiwan Semiconductor's year-to-date stock performance. Stock Chart Icon Stock chart icon RTX's year-to-date stock performance.
Persons: that's, we're, Navitas, We're Organizations: Phathom Pharmaceuticals, Technologies, Luminar Technologies, Taiwan Semiconductor, Navitas Semiconductor Locations: Taiwan, China
Shares of EV charging network operator ChargePoint Holdings were trading lower on Wednesday after the company said it's raising $232 million via stock sales. ChargePoint said in a statement that a group of institutional investors has agreed to purchase $175 million in newly issued stock. The company also disclosed that it has raised $57 million during the current fiscal quarter via its existing "at-the-market" stock offering facility, for a total of $232 million in new funds. CFO Rex Jackson said in a statement that the new funds, together with a recently secured credit line, will support the company into early 2025. "These raises and our recently announced $150M revolving credit facility are consistent with our announced capital strategy to bolster our balance sheet," Jackson said, adding that the company has no further plans to offer stock via its at-the-market facility.
Persons: ChargePoint, Rex Jackson, Jackson Organizations: ChargePoint Holdings
In 2025, Hyundai will begin providing adapters to owners of older Hyundai models with the Combined Charging System ports their EVs are currently built with. The three South Korean automakers are all part of Hyundai Motor Group, although Hyundai and Kia operate as separate companies in the United States. A major stepThis marks an especially significant development for the Tesla charging system. Counted together, Hyundai, Kia and Genesis would be the second-best-selling EV manufacturer in the United States after Tesla, according to figures from Kelley Blue Book. Having more automakers and charging companies using its standard has been seen as a win for Tesla.
Persons: Tesla, Kelley, Elon Musk Organizations: New, New York CNN, South, Kia, Hyundai, Ford, General Motors, Mercedes, Benz, Nissan, Honda, Hyundai Motor Group, Kona, Niro, Genesis, GM, EV, CCS, Tesla Locations: New York, United States
Media stocks — A handful of media and studio stocks rose Wednesday after the nearly 150-day writer strike ended. ChargePoint , Blink Charging — Shares of ChargePoint and Blink Charging gained 4.1% and 5.5%, respectively after UBS initiated coverage of the electric charging stocks with buy ratings. XPO — Shares added roughly 2% after XPO stock was upgraded to outperform from Evercore ISI, with analyst Jonathan Chappell highlighting margin growth potential and stronger pricing power. Mattel — Shares of the toymaker rose more than 4% after Morgan Stanley initiated coverage of Mattel with an overweight rating. AAR Corp — Shares of the aircraft services company rose 2.3% on the back of its quarterly earnings report.
Persons: MillerKnoll, XPO, Jonathan Chappell, Morgan Stanley, Levi Strauss, TD Cowen, Levi's, Piper Sandler, Kosmos, — CNBC's Brian Evans, Alex Harring, Jesse Pound, Hakyung Kim Organizations: Media, Warner Bros . Discovery, Paramount Global, Comcast, Disney, Netflix, UBS, Costco —, Costco, Evercore ISI, Mattel —, Mattel, Federal Trade Commission, AAR, Kosmos Energy, Bank of America
Check out the companies making headlines in premarket trading. Sirius XM — Shares of the media company fell roughly 2% in premarket trading. A day earlier, Liberty Media proposed combining the Sirius XM tracking stock with the radio company. Levi Strauss — The apparel maker advanced 1.3% in premarket trading after TD Cowen initiated coverage of the stock at an outperform rating. Mattel — Shares of the toymaker gained 2.4% in premarket trading Wednesday after Morgan Stanley initiated Mattel with an overweight rating, calling it a top pick.
Persons: Levi Strauss, TD Cowen, Levi's, ChargePoint, XPO, Jonathan Chappell, Joe Biden, Morgan Stanley, Alex Harring, Jesse Pound, Samantha Subin, Pia Singh Organizations: Woodbury, Sirius XM, Liberty Media, Costco, UBS, Evercore ISI, United Auto Workers, Mattel —, Mattel Locations: Central Valley , New York, U.S, Michigan
UBS reiterates Apple as neutral UBS said its survey checks show wait times for Apple's newest iPhone are shorter than compared to one year ago. Deutsche Bank reiterates Tesla as buy Deutsche said it sees "meaningful downside risk" in 2024 for Tesla, but that it's standing by its buy rating. " Bank of America reiterates Costco as buy Bank of America said it's standing by its buy rating after the company's earnings report Tuesday. "We initiate coverage of Leonardo DRS with a Buy rating and a $20 price objective, implying 23% upside potential." Bank of America reiterates Walmart as buy Bank of America said it sees gross margin expansion continuing for shares of the big box retailer.
Persons: Tesla, Goldman Sachs, Goldman, Brent, Morgan Stanley, Leonardo, Mattel, Evercore, TD Cowen, Levi's, William Blair, Berenberg, DA Davidson Organizations: Street, HSBC, Johnson, UBS, Apple, Deutsche Bank, Deutsche, Chevron, Bank of America, Occidental Petroleum, Costco, Kosmos Energy, of America, T Bank, MTB, Amazon, Electric Vehicle Supply, Leonardo DRS, BMO, Microsoft, Mattel, Biosciences, Twist Bioscience Corp, Walmart Locations: China, Europe, Berkshire
Electric-vehicle charging stations provider ChargePoint could make a massive recovery, according to UBS. He assigned a price target of $9, implying shares could gain 85.6% from Tuesday's closing price. UBS said the worsened sentiment around ChargePoint has created an "attractive risk/reward" profile for investors. The company has 33,000 charging stations, UBS noted. "This charging type leverages dwell times of cars and are therefore deployed in settings where EVs will be parked for several hours."
Persons: Robert Jamieson, ChargePoint, Jamieson, Harris, — CNBC's Michael Bloom Organizations: UBS, EV, Biden Locations: United States
Public electric vehicle charging infrastructure remains "critical" in driving further EV adoption, said analysts at investment bank TD Cowen. "A ubiquitous and reliable network of public EV charging infrastructure remains critical in driving further adoption to curtail CO2 emissions from the transportation sector," said TD Cowen. Here are some areas that will take up the bulk of that opportunity, as well as stocks that could benefit, according to TD Cowen. Passenger EV charging hardware The bank estimates that $91 billion in investment is required for publicly available U.S. EV charging hardware and installations for passenger vehicles, and another $14 billion for commercial vehicles by 2030. "Ultimately, we think the next wave of EV charging companies will have a keen focus on the fleet /medium/heavy-duty sector," it said.
Persons: TD Cowen, Cowen, Gage, They're, ChargePoint, — CNBC's Michael Bloom Organizations: EV, ChargePoint Holdings, ABB, Software, DC Locations: U.S, United States, America
Simply put, America's patchwork of CCS chargers offers spotty coverage, hard-to-use devices, and, too often, chargers that are broken. Not to mention, there are fewer than 12,000 CCS fast chargers across the U.S. today. Opening up the Tesla charging network to our customers, that's about them and it scales very quickly for them. watch nowThe broad uptake of Tesla's charging tech is generally good news. What's more, Tesla's chargers all work the same way, whereas CCS chargers from rival companies may have very different procedures.
Persons: Mark Blinch, Reuters There's, General Motors, it's, Joe Biden, Tesla, Justin Sullivan, JD Power, Brent Gruber, Ford, John Lawler, Lawler, We're, Elon Musk, EVgo Organizations: Benz, Canadian, Reuters, Ford Motor, General, Volkswagen, Cox Automotive, Consumer, Energy, Institute, University of Chicago, Associated Press, NORC, for Public Affairs Research, United Auto Workers, EV, Public, U.S . Department of Energy, , Detroit, CCS, University of California, JD, Ford EV, Ford, GM, Volvo, Mercedes, SAE International, ABB Locations: Toronto , Ontario, Canada, U.S, San Rafael , California, Berkeley, Bay, Swiss
Apple — Apple shares fell more than 2.6% after Bloomberg News reported China is planning to extend a ban on iPhone use to state-owned corporations. The company generated 60 cents per share profit on $542 million of revenue. The company called for an operating loss of $27 million to $40 million, while analysts polled by StreetAccount anticipated a loss of $20.5 million. Verint Systems — The analytics company lost 16.2% in premarket trading after Verint's second-quarter earnings and revenue fell short of expectations. Verint posted adjusted earnings of 48 cents per share, while analysts polled by FactSet forecast 57 cents per share.
Persons: Buster's, LSEG, Wells, ChargePoint, StreetAccount, Roku, Verint, Macheel, Jesse Pound Organizations: Apple, Bloomberg News, Street Journal, Bros, Dave, ChargePoint Holdings, LSEG, Europe's, Kappa, Systems, FactSet, Revenue Locations: China
Seagate Technology — Seagate Technology shares dropped about 10.9% after Barclays downgraded the stock to equal weight form overweight. ChargePoint Holdings — Shares of ChargePoint Holdings plunged 10.9% after the electric vehicle charging infrastructure company missed fiscal second-quarter revenue estimates. ChargePoint posted $150 million in revenue, weaker than the $153 million forecast by analysts polled by LSEG, formerly known as Refinitiv. Meanwhile, C3.ai reported an adjusted fiscal first-quarter loss of 9 cents per share on revenue of $72.4 million. Verint Systems — Shares plunged 19.4% in midday trading after the analytics company reported weaker-than-expected second-quarter earnings and revenue.
Persons: Rollins —, ChargePoint, LSEG, StreetAccount, Roku, , Alex Harring, Yun Li, Pia Singh Organizations: Europe's, Kappa, Wall Street, GameStop, Wall, — Semiconductor, Lam Research, Devices, Qualcomm, Nvidia, Intel, Apple, Bloomberg, Street Journal, Technology, Wednesday, Seagate Technology, Barclays, ChargePoint Holdings, LSEG, Buster's Entertainment, Loop Locations: China
Traders work on the floor of the New York Stock Exchange during morning trading on August 31, 2023 in New York City. Stock futures were little changed late Wednesday as renewed concern swirled on Wall Street over the course of the Federal Reserve's interest rate policy, and whether policymakers will enact another hike this year. S&P 500 futures ticked down 0.07% while Nasdaq futures declined 0.1%. While 93% of interest rate traders foresee no change at September's Federal Open Market Committee meeting, expectations of an additional interest rate hike at the November meeting rose above 40%, according to the CME FedWatch tool. GameStop added more than 6% after reporting second-quarter results, while ChargePoint Holdings fell more than 10% after missing revenue estimates.
Persons: Jeffrey Roach Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Apple, Nvidia, Treasury, Federal Reserve, Institute, Supply Management's, LPL, GameStop, ChargePoint Holdings Locations: New York City
GameStop reported revenue of $1.164 billion in the second quarter, up from $1.136 billion in the year-ago period. American Eagle Outfitters — Stock in the clothing retailer slipped 2.6% after American Eagle reported second-quarter results. American Eagle's earnings beat expectations, coming in at 25 cents per share, while analysts called for 16 cents per share. The electric vehicle charging infrastructure company noted $150 million in revenue while analysts polled by LSEG forecast $153 million. Verint posted adjusted earnings of 48 cents per share, while analysts polled by FactSet forecast 57 cents per share.
Persons: StreetAccount, ChargePoint, Verint, CNBC's Ethan Kraft, Darla Mercado Organizations: GameStop, American Eagle Outfitters —, American Eagle, Revenue, Holdings, LSEG, Systems, FactSet, Bros
S&P 500 futures are near flat Tuesday night as Wall Street looked beyond the losing session that marked the start of the holiday-shortened trading week. The moves follow a down session on Wall Street, which was the first of the holiday-shortened trading week. Part of the downward pressure came from oil prices, which rose after Saudi Arabia and Russia extended their voluntary supply cuts. West Texas Intermediate futures rose more than 1% and briefly broke $87 per barrel, putting the price at its highest level since November. "Rising oil prices really feeds into the story about inflation," he said.
Persons: Bill Merz Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Dow, West Texas, Treasury, Federal Reserve, U.S, Bank Wealth Management, GameStop, American Eagle Outfitters Locations: New York City, Saudi Arabia, Russia
All three major U.S. stock indices rebounded this past week following a lackluster August, delivering their best one-week performances since July. Here's a quick update on the past week: The August ADP employment report numbers came in lower than expected. Earnings : No Club companies report next week. Over 99% of S & P 500 companies have now reported earnings results for the second-quarter season, according to FactSet. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Nonfarm payrolls, Dow Jones, Buster's, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Dow Jones, Nasdaq, Federal Reserve, Labor, U.S . Labor Department, ISM Manufacturing, Broadcom, VMware, PMI, Photonics, Akoustis Tech, GameStop, Eagle Outfitters, SAIC, Brands, ABM Industries, Kroger, KR, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: U.S, Asana, ASAN, New York City
Here's what gas station owners need to know about the EV charging trend and their future. By contrast, gas stations along major highways between highly traveled destinations can be ideal for electric charging hubs. While there can be a first-mover advantage for gas stations, some owners, like Blake Smith, founder of SQRL Holdings, a gas station and convenience store operator, are taking it slow. His company operates more than 150 convenience store gas station locations and offers electric charging in select locations in Florida. "I would never recoup my investment," he said, adding that a move to all electric charging could be decades away.
Persons: Seth Cutler, Neha Palmer, Shubhendra Anand, Biden, Barbara Stoyko, Sujay Sharma, Sharma, Yair Nechmad, Michael Hughes, Rohan Puri, Hughes, Albert Gore, Gore, Blake Smith Organizations: EV Connect, Gas, EV, TeraWatt, Automotive, Shell, Research, Shell Americas, BP, GM, Ford, National Automobile Dealers Association, ChargePoint Holdings, Stable Auto Corporation, U.S . Department of, Administration, U.S . Department of Energy, Royal, Emission Transportation Association, EVs, SQRL Holdings Locations: California , Arizona, New Mexico, Takoma Park, Md, Fulham, England, China, Netherlands, U.S, Local, Wawa, Florida, Arkansas
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: CVS stock is fine but not great because of shrinkage, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Opendoor, Nextera Energy, CVS Health, ChargePoint and more.
Persons: Jim Cramer Organizations: Nextera Energy, CVS Health
Cramer's Lightning Round: Don't touch ChargePoint
  + stars: | 2023-08-15 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Opendoor's year-to-date stock performance. Stock Chart Icon Stock chart icon Nextera Energy's year-to-date stock performance. Stock Chart Icon Stock chart icon CVS's year-to-date stock performance. Because of shrinkage, because of pilferage, because of those darned plastic things that are like in front of every single thing you want to buy..."Stock Chart Icon Stock chart icon ChargePoint's year-to-date stock performance. Stock Chart Icon Stock chart icon Volaris' year-to-date stock performance.
Persons: Nextera, it's, I'm, ChargePoint's, Volaris, I've Organizations: Nextera Locations: Mexico
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