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Uber and Wallbox Expand EV Charging across the U.S.; Shares Up

Global mobility platform Uber Technologies Inc. (NYSE: UBER) along with Wallbox N.V. (WBX) are expanding their partnership across the U.S., after successfully launching their pilot in the Bay Area in October 2021.

Shares of UBER closed up 3.2% at $38.61, while WBX shares jumped 7.1%, closing at $12.88 on February 1.

Expanding EV Charging Across the U.S.

Wallbox is a Spain-based electric vehicle (EV) charging provider. WBX’s Pulsar Plus chargers are the smallest smart home EV chargers in the U.S., which are compatible with all EVs including Tesla cars.

Last year, both Uber and Wallbox jointly launched a pilot program, under which Uber drivers received a discounted package of Wallbox Pulsar Plus charger, installation as well as the option to finance the package.

After a successful pilot, the companies have decided to expand the program across the U.S. by the end of April 2022. The expansion will be done in four phases, with the first roll-out in Los Angeles, Portland, and Seattle in January. The second phase will cover Phoenix, New York, and Boston in February. This is followed by the third phase in March, which will cover the Midwest and Southeast, and the final phase will cover the rest of the U.S. (excluding Alaska) in April.

Furthermore, the companies are also discussing the potential global rollout of the program starting in Europe and Canada. Uber is committed to becoming a zero-emission company by 2030 in the U.S. and this step helps drivers achieve the same.

The partnership is backed by Uber’s program that makes fully EV drivers eligible for a Zero Emissions incentive, offering an extra $1 on every Uber trip up to a total of $4,000 annually.

Company Comments

Uber’s Senior VP of Mobility and Business Operations, Andrew Macdonald, said, “This partnership with Wallbox helps drivers by making it more affordable and accessible to charge their EVs, and we’re excited to give more drivers the chance to take advantage of it.”

Meanwhile, GM of Wallbox North America, Douglas Alfaro, said, “Expanding this pilot program across the U.S. is a natural next step as we work together to build more sustainable transportation… Our charger plus installation package has simplified EV usage for Uber drivers in the Bay Area, and we are thrilled to be able to offer the same support to drivers all over the country.”

Consensus View

With 18 unanimous Buys, the Uber stock commands a Strong Buy consensus rating. The average Uber price target of $68.67 implies 77.9% upside potential to current levels. Shares have lost 24.5% over the past year.

Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into UBER’s performance.

In December, Uber website traffic recorded an 8.19% year-over-year increase in monthly visits. Likewise, year-to-date website traffic growth increased by 13.46% compared to the same period last year.

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