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Blink Supplies EV Chargers to GM Dealerships; Shares Jump 6.3%
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Blink Supplies EV Chargers to GM Dealerships; Shares Jump 6.3%

EV charging equipment provider Blink Charging Co. (NASDAQ: BLNK) has deployed EV chargers at the U.S. and Canadian dealerships of General Motors Co. (NYSE: GM). Blink has supplied its IQ 200 Level 2 chargers to these dealerships in collaboration with a New York-based facility solutions provider, ABM Industries, Inc. (NYSE: ABM).

As per the agreement with ABM, Blink has already supplied EV chargers to some GM dealerships in the U.S. It also has orders to provide additional charging stations to dealers in the U.S. and Canada over the next few months.

The CEO of Blink Charging, Michael D. Farkas, said, “As transportation continues to shift towards becoming more electric, Blink’s technologically-advanced EV charging infrastructure will be a critical component of an automaker’s ecosystem and will play a significant role in accelerating EV mass adoption.”

About Blink Charging

Headquartered in Florida, Blink Charging owns and operates EV charging equipment as well as provides networked EV charging services. It has deployed more than 30,000 charging stations across 13 countries.

Blink is one of the most promising EV stocks, as global purchases of EVs are expected to increase from around 2 million units in 2019 to 10 million by 2025.

The company’s shares closed 6.3% up on Tuesday. The stock gained another 0.2% in the extended trading session to end the day at $24.90.

Stock Rating

Overall, the stock has a Moderate Buy consensus rating based on 3 Buys and 3 Holds. The average Blink Charging stock forecast of $41.67 implies 67.7% upside potential. Shares have lost 44.7% over the past year.

Blogger Opinions

TipRanks data shows that financial blogger opinions are 72% Bullish on BLNK stock, compared to the sector average of 66%.

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