EVgo (EVGO) Adds Rivian's R1T and R1S Models to Autocharge+

Zacks Equity Research

17 August 2023 at 12:31 pm·2-min read

EVgo Inc. EVGO announced that R1T and R1S, the Rivian Automotive, Inc. RIVN models, have become compatible electric vehicles (EVs) for Autocharge+. Through EVgo’s Autocharge+, EV drivers can initiate a charging session by plugging in their vehicles to an EVgo fast charger. There are now 30 eligible EV models, including R1T and R1S models, that can be enrolled in Autocharge+. With growing enrollments, more drivers will be able to benefit from a streamlined fast charging process.

Unlike Tesla’s Supercharger network, which provides its EV drivers with seamless charging and billing experiences, non-Tesla charging networks require drivers to go through a cumbersome payment process or open an app to initialize a charging session, which might not always work. To provide drivers with a seamless charging experience, EVgo has improved and expanded its Autocharge+ feature for its fast-charging network.

Using Autocharge+, drivers with compatible EVs can start a charging session in seconds. The process does not require opening an app, swiping a credit card or tapping an EVgo program card.

Autocharge+, launched in September 2022, now accounts for 13% of all charging sessions on EVgo’s nationwide network. The elimination of separate identification and payment authorization has helped EVgo streamline the customer experience and improve charging success rates.

Ivo Steklac, CTO of EVgo said that people embrace frictionless and dependable experience and EVgo’s reliable and convenient fast charging and Autocharge+ have the ability to live up to their expectations.

Apart from R1T and R1S, six other new EV models have joined Autocharge+ compatibility list over the past year.

Zacks Rank & Key Picks

EVGO currently carries a Zacks Rank #3 (Hold).

Some top-ranked players in the auto space include Allison Transmission Holdings, Inc. ALSN and General Motors Company GM, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies year-over-year growth of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 7 cents in the past seven days. The 2024 EPS estimate has moved north by 8 cents in the past seven days.

The Zacks Consensus Estimate for GM’s 2023 sales and earnings implies year-over-year growth of 9.3% and 0.1%, respectively. The EPS estimate for 2023 has moved up by 3 cents in the past seven days. The 2024 EPS estimate has moved north by 5 cents in the past seven days.

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