With tipping point for mass EV adoption
approaching, report analyzes what’s driving the mobility revolution
in North America and Europe
ChargePoint (NYSE: CHPT), a leading electric vehicle (EV)
charging network, today announced the publication of its 2022
Charging Forward report, providing businesses, fleets, and
residential property owners with a broad look at how they can
participate in the new fueling network. The report reviews the EV
industry over the last five years, ChargePoint’s predictions for
the next five years and beyond, and the key factors ChargePoint
believes are driving EV adoption across North America and
Europe.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220605005104/en/
Charging Forward report analyzes what’s
driving the mobility revolution in North America and Europe
(Graphic: Business Wire)
This year’s Charging Forward revisits bold predictions made in
the 2017 edition when ChargePoint offered its five-year market
outlook, successfully projecting industry growth and a broader
commitment to electric vehicles at a global level. According to
BloombergNEF data, global passenger EV sales more than doubled from
2020 to 2021, and as of last year, every one in ten new vehicles
sold was an EV.
“We believe mobility is in the midst of its greatest
transformation in generations, and mass EV adoption is closer today
than ever before,” said Colleen Jansen, chief marketing officer,
ChargePoint. “Charging Forward provides business, fleets, property
owners, and drivers with a broad look at how the market has grown,
where it stands today, where ChargePoint believes it’s going in the
next five years, and responds to many of the common myths facing
the industry. As more industries and consumers embrace EVs, we
believe the greater the need for hardware and software solutions
that ensure everyone who needs to charge has access.”
In the last five years, automakers have embraced the shift
toward electric mobility, making significant investments to develop
and produce new EV models. In the same time period, ChargePoint
grew its network in line with driver demand to simplify the
transition to electric mobility. Today, a driver plugs into the
ChargePoint network every second or less. Additionally, major fleet
operators have invested in fleet electrification, driving growth in
sessions delivered on the ChargePoint network to electric fleets by
more than 200% since 2017.
Charging Forward also outlines the company’s predictions for the
coming years, including a global tipping point for EV adoption
within the next decade, rapid growth in home charging adoption, as
well as broader positive impacts that ChargePoint anticipates the
shift to electrification will have on everyday lives.
The report is available for download online here.
About ChargePoint
ChargePoint is creating a new fueling network to move people and
goods on electricity. Since 2007, ChargePoint has been committed to
making it easy for businesses and drivers to go electric with one
of the largest EV charging networks and a comprehensive portfolio
of charging solutions. The ChargePoint cloud subscription platform
and software-defined charging hardware are designed to include
options for every charging scenario from home and multifamily to
workplace, parking, hospitality, retail and transport fleets of all
types. Today, one ChargePoint account provides access to hundreds
of thousands of places to charge in North America and Europe. To
date, more than 113 million charging sessions have been delivered,
with drivers plugging into the ChargePoint network every second or
less. For more information, visit the ChargePoint pressroom, the
ChargePoint Investor Relations site, or contact the ChargePoint
North American European press offices or Investor Relations.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions including statements
regarding ChargePoint’s plans, strategy, market opportunity and EV
adoption. Any statements that are not of historical fact may be
forward-looking statements. Words used such as “anticipates,”
“believes,” “continues,” “designed,” “estimates,” “expects,”
“goal,” “intends,” “likely,” “may,” “ongoing,” “plans,” “projects,”
“pursuing,” “seeks,” “should,” “will,” “would” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these words.
All forward-looking statements are based on our current
assumptions, expectations and beliefs, and involve substantial
risks and uncertainties that may cause results, performance or
achievement to materially differ from those expressed or implied by
these forward-looking statements. There are a significant number of
factors that could cause actual results to differ materially from
the statements made in this press release, including: the impact of
the ongoing COVID-19 pandemic, geopolitical events including the
Russian invasion of Ukraine, macroeconomic trends including changes
in inflation or interest rates, or other events beyond our control
on the overall economy, our business and those of our customers and
suppliers, including due to supply chain disruptions and expense
increases; our limited operating history as a public company; our
ability as an organization to successfully acquire and integrate
other companies, products or technologies in a successful manner;
our dependence on widespread acceptance and adoption of EVs and
increased installation of charging stations; our current dependence
on sales of charging stations for most of our revenues; overall
demand for EV charging and the potential for reduced demand for EVs
if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of EVs or decrease the use of vehicles powered by
fossil fuels, either directly or indirectly through mandated limits
on carbon emissions, are reduced, modified or eliminated; the
development, adoption and/or commercialization of fueling
alternatives to elective vehicle charging; supply chain
interruptions and expense increases; unexpected delays in new
product introductions; our ability to expand our operations and
market share in Europe; the need to attract additional fleet
operators as customers; potential adverse effects on our revenue
and gross margins if customers increasingly claim clean energy
credits and, as a result, they are no longer available to be
claimed by us; the effects of competition; risks related to our
dependence on our intellectual property; and the risk that our
technology could have undetected defects or errors. Additional
risks and uncertainties that could affect our projections in this
press release are included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our most recent Form 10-K filed with the
Securities and Exchange Commission (“SEC”) on April 4, 2022, which
is available on our website at investors.chargepoint.com and on the
SEC’s website at www.sec.gov. Additional information will also be
set forth in other filings that we make with the SEC from time to
time. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made, except as
required by applicable law.
CHPT-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220605005104/en/
ChargePoint Jennifer Bowcock VP, Communications
Jennifer.Bowcock@chargepoint.com media@chargepoint.com Patrick
Hamer VP, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com investors@chargepoint.com
ChargePoint (NYSE:CHPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
ChargePoint (NYSE:CHPT)
Historical Stock Chart
From Apr 2023 to Apr 2024