Toyota Partners With ChargePoint, Is CHPT Stock Finally Rising?

Investors are still looking at ChargePoint (NYSE: CHPT) with ambiguity. Consistent expansion has seen the company come leaps and bounds in the last few years, yet still, the elephant in the room resides – profitability. The shift towards greener travel embodied by the great EV takeover is well on the way, but there is still some distance to go. 

Infrastructure is as vital as the vehicles themselves, and hence EV charging companies will, at some stage, act as the critical backbone for widespread EV adoption. ChargePoint, the largest charging company in North America, is still failing to attract investors through a clear-cut lack of reassuring financial fundamentals. 

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Today, Toyota announced a partnership with ChargePoint for the preparation of the launch of the all-new 2023 bZ4X battery-electric SUV. CHPT buyers still remained distant on the news, with stock falling 0.5% on the market open. The partnership will allow bZ4X buyers access to a wide range of ChargePoint public chargers – 80% of all charging spots in North America will be available – as well as offering the ‘Home Flex’ home charger; known for charging EVs up to nine times faster than a normal outlet. 

Focusing on ease of use and charing accessibility was a key focus for Toyota, as pointed out by Christopher Yang, Vice President of EV Charging Solutions at Toyota:

“We want to instill a feeling of confidence in our bZ4X customers by providing a variety of charging options both at home and away to serve each customer's unique charging needs and preferences”

Although CHPT didn’t open today with any gains, and despite investors still looking for clearer signs of profitability over increasing operational costs, the company is poised for a turnaround in the near future. With the company currently in the lead as far as market share is concerned, it’s only a matter of time before the company starts to turn a profit.