Electrification, Lighting Industry

ChargePoint, Blink, And Other EV Market Players Collapsing

ChargePoint, Blink, And Other EV Market Players Collapsing

 

Many companies in the electric vehicle and EV charging industry are failing and collapsing.  Lordstown Motors (OTC:RIDEQ) and Proterra (OTC:PTRAQ) have both filed for Chapter 11 bankruptcy and a plethora of EV makers from Canoo (GOEV), Arrival (ARVL), and Faraday Future (FFIE) all teeter on the brink of collapse as their liquidity base gets eroded by consecutive quarters of net losses and free cash burn. Only industry leader Tesla (TSLA) has come out unscathed.

EV charger leaders, ChargePoint (NYSE:CHPT) and Blink Charging (NASDAQ:BLNK) are also in big trouble. CHPT is down 84% over the last year, and BLNK is down 72%. ChargePoint’s CEO and CFO have resigned. Preliminary third-quarter 2023 results for ChargePoint were announced and they show a dramatic drop in revenue and margins for the quarter. Making things worse, ChargePoint wrote down $42M in inventory.

More information is available here and here.

 

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David Shiller
David Shiller is the Publisher of LightNOW, and President of Lighting Solution Development, a North American consulting firm providing business development services to advanced lighting manufacturers. The ALA awarded David the Pillar of the Industry Award. David has co-chaired ALA’s Engineering Committee since 2010. David established MaxLite’s OEM component sales into a multi-million dollar division. He invented GU24 lamps while leading ENERGY STAR lighting programs for the US EPA. David has been published in leading lighting publications, including LD+A, enLIGHTenment Magazine, LEDs Magazine, and more.

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