Streamline charging.

https://www.marketwatch.com/articles/evgo-gm-ev-charging-51656339075?mod=mw_quote_news Monday, General Motors (ticker: GM) and EVgo (EVGO) introduced a plug-and- charge function across the EVgo charging network. Owners of GM EVs can simply plug into EVgo charging ports without opening up an app or swiping a credit card. “At its core, this latest iteration of the [charge] technology is a customer convenience feature that can save drivers time by simplifying the fast-charging experience while maintaining a high level of security and protection,” said Ivo Steklac, chief technology officer at EVgo, in a news release. “In collaboration with GM, EVgo continues to implement new technology across multiple hardware and software platforms to enhance the charging experience.” GM and EVgo have worked together on charging solutions for years. EVgo believes it operates the largest fast-charging network in the U.S. Fast chargers, essentially, pour more energy into a battery than chargers that use either a traditional wall socket or a 240-volt plug, the kind needed for a clothes dryer. Depending on the car and the battery-management system, fast chargers can provide 50 miles or 100 miles of range in minutes, making the experience a little closer to filling up an internal-combustion car with gasoline. EVgo has about 850 fast-charging locations. There are, very roughly, 60,000 EV charging ports of all types across the U.S.—a lot, but still not enough. ChargePoint (CHPT) CEO Pasquale Romano recently told Barron’s that there should be roughly 15 or 20 charging ports for every 100 EVs on the road. The U.S. is closer to five ports per 100 cars right now, according to the CEO. There are some two million to three million battery-electric cars on U.S. roads, about 1% of the total population of light vehicles. The numbers, of course, change rapidly as EV sales grow. EVgo stock was marginally higher shortly after the open, giving up gains seen in premarket trading. The S&P 500 and Dow Jones Industrial Average were down 0.5% and 0.3%, respectively. EVgo stock also may have gotten an early boost Monday from being added to the Russell 3000 and Russell 2000 indexes. Coming into Monday trading, EVgo shares were down about 23% year to date and about 61% below their November 52-week high of almost $20 a share. Inflation and rising interest rates have sapped some investors’ enthusiasm for new companies that don’t generate earnings yet. EVgo isn’t expected to turn a full- year profit until 2025.