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Uber, Wallbox Partner to Provide EV Charging Solutions

Uber (UBER) has entered into a partnership deal with Wallbox (WBX), a provider of EV charging and energy management solutions.

The companies aim to provide easy and affordable home-charging solutions to drivers in the Bay Area. Thus, Uber drivers will be offered a discounted package for a Wallbox charger, seamless installation, and the option to finance the package. 

The move comes amid growing demand for EVs, and thus charging solutions. Also, it seeks to put Uber in the right path to achieving its target of becoming a zero-emissions mobility platform in the U.S., Canada, and Europe by 2030.

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The Bay Area has been opted for the pilot program by both Uber and Wallbox due to the growth of EVs in the area.

SVP of Mobility and Business Operations at Uber, Andrew Macdonald, said, “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.”

On October 21, KeyBanc analyst Edward Yruma maintained a Buy rating on Uber, with a price target of $75 (62.8% upside potential).

Yruma noted, “The Company recently opened its Freight HQ in Chicago, which signals a desire to get more closely embedded in the logistics industry. Demand remains high and driver supply remains very constrained.

“This supply chain disruption is likely creating a significant volume opportunity NT and could be a share opportunity for less established players. Over time, we think that Logistics will eventually serve as the third leg of the UBER stool.”

Overall, the Street has a bullish outlook on the stock, with a Strong Buy consensus rating based on 23 Buys and two Holds. The average Uber price target of $68.08 implies upside potential of about 47.7% from current levels.

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 the third quarter of 2021.

According to the tool, Q3 unique visits to the Uber’s website are up 17.5%. Additionally, year-to-date website visits are up 15.5%.

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