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ChargePoint pares gain after CEO weighs in on Tesla-Ford partnership

Jun. 01, 2023 5:42 PM ETChargePoint Holdings, Inc. (CHPT) StockBy: Clark Schultz, SA News Editor7 Comments
As electric vehicles become more popular with the ESG movement, EV charging stations like this one from Chargepoint will necessarily become more commonplace.

robertcicchetti/iStock Editorial via Getty Images

ChargePoint Holdings (NYSE:CHPT) pared its post-earnings drop after CEO Pasquale Romano stated on the earnings conference call that the Tesla (TSLA)-Ford (F) electric vehicle battery partnership is not necessarily bad for the company.

Romano said ChargePoint (CHPT) still believes it remains well positioned to take advantage of the inevitable long-term growth opportunity ahead.

For Q1, ChargePoint (CHPT) showed a 59% gain in revenue to $130M. Networked charging systems revenue was up 65% and subscription revenue rose 49% to $26.4M.

Shares of ChargePoint (CHPT) showed a 5.33% decline at 5:38 p.m. after being down more than 8%.

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