Benzinga | Oct 26, 2021 02:11PM EDT

Why Wallbox Shares Are Rising

Wallbox NV (NYSE:WBX) shares are trading higher after the company, and Uber, announced a strategic partnership to simplify the transition to EVs for Bay Area ride share drivers using Uber.

"Demand for EVs is rapidly increasing here in the US. To help accelerate the transition to more sustainable transportation, we need to continue to make charging accessible," said Douglas Alfaro, General Manager for Wallbox North America. "Uber is a tech company at the heart of transport here in California, so it was natural for us to team up with them to give drivers using the platform access to smart at-home solutions."

"Climate is a team sport and Uber is committed to doing our part to expedite the transition to zero-emissions mobility," said Uber SVP of Mobility and Business Operations Andrew Macdonald. "Making electric vehicle charging solutions available at scale is essential to achieving our goals and we are excited to partner with Wallbox on this mission."

Wallbox has a 52-week high of $27.50 and a 52-week low of $7.28.