Benzinga | Jul 15, 2021 01:45PM EDT

EVgo Stock Soars After GM Selects As Preferred Provider For EV Fleets

* EVgo Inc (NASDAQ:EVGO) has been chosen by General Motors Co (NYSE:GM) as a preferred provider for Ultium Charge 360 fleet service.

* EVgo will deploy new charging and infrastructure solutions for GM fleet and BrightDrop customers.

* These customers can also receive program discounts at EVgo's network of more than 800 public fast-charging locations.

* GM's Ultium Charge 360 fleet service will support EV fleet electrification for rideshare, delivery, municipal, autonomous, government, and other market segments.

* In July 2020, GM and EVgo announced plans to accelerate EV adoption by adding more than 2,700 fast chargers through 2025.

* Price action: EVGO shares are trading higher by 13.6% at $12.018, while GM was down 2.07% at $56.79 on the last check Thursday.