Retail giant Walmart (NYSE:WMT) plans to establish its own electric vehicle (EV) fast charging network at thousands of Walmart and Sam’s Club stores across the U.S. by 2030. The retailer already has about 1,300 EV fast-charging stations at over 280 of its U.S. stores in partnership with Volkswagen subsidiary Electrify America.
In an interview to Reuters, Vishal Kapadia, senior vice president of Energy Transformation at Walmart, stated that owning its chargers, instead of partnering with a network operator, would help the company address reliability and cost matters.
Kapadia expects the new charge points to be direct-current fast chargers, with about four chargers, on average, to be installed per store. The executive added that Walmart would start deploying chargers independently and contemplate applying for federal funding later.
“With a store or club located within 10 miles of approximately 90% of Americans, we are uniquely positioned to deliver a convenient charging option that will help make EV ownership possible whether people live in rural, suburban or urban areas,” said Kapadia.
Walmart’s initiative to make EV adoption more accessible and affordable comes as U.S. President Joe Biden recently announced a $7.5 billion investment to build a national charging network, mainly in lower-income and rural areas. The Biden administration aims to build a network of 500,000 public EV chargers by 2030 to accelerate EV adoption. Aside from Walmart, several other retailers like Kroger (KR) are adding EV charging stations at their stores.
What is the Price Target for Walmart Stock?
Walmart continues to attract price-conscious customers to its stores through its value deals. Wall Street’s Strong Buy consensus rating for Walmart is based on 25 Buys and four Holds. The average WMT stock price target of $164.92 suggests 9.4% upside potential. Shares have risen over 6% since the start of this year.
