The ChargePoint Holdings Inc (NYSE: CHPT) stock price has fallen 38.8% in the past six months as investor sentiment towards the company soured. The EV charging network operator has seen its stock slide further in recent weeks after Tesla opened its supercharger network to other EV manufacturers.
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However, while Tesla’s superchargers charge EV cars via super-fast direct current (DC), ChargePoint’s chargers use alternating current to charge EVs, which is much slower and is meant for charging over extended periods. ChargePoint chargers work well in the home environment and at work where people are not in a hurry.
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Luckily for CharegPoint, the company included the Tesla charging infrastructure within its charging units to avoid being left behind by such a crucial industry trend. The company announced that it would be adopting the Tesla NACS connector for new and existing stations shortly after Tesla’s announcement.
However, Chargepoint is a loss-making company even as it invests heavily in building out its network of EV chargers across the United States and Europe. The company boasts of having approximately 48,000 public charging spots across the world. This includes over 31,000 publicly available charging spots in the US alone.
As its network grows exponentially, the company aims to deploy 2.5 million charging spots in North America, Europe, and Asia over the next few years. This will increase the company's network to more than 300,000 total charging spots, giving EV drivers more options for topping up their cars.
ChargePoint stock has fallen due to weak investor sentiment towards the company and the EV industry as a whole amid the ongoing price war fueled by industry leader Tesla. The company recently announced that it was investing in the application of technology from the networking and information security worlds.Â
The company announced the launch of a Network Operations Center (NOC) that will implement 24/7 proactive station monitoring predictive analytics and leverage applied machine learning to quickly detect station downtime, improving charger uptime and ensuring faster incident response.
The recent announcement that could lead to 100% uptime for most of its EV chargers had a minimal impact on its share price.
The ChargePoint (CHPT) stock price.
The Chargpoint share price has fallen 38.83% in the past six months. Can they reverse course?
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