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Wallbox and Uber Extend Deal, Is WBX a Promising EV Charging Stock?

Ollie Martin - AskTraders News writer
Ollie Martin trader
Updated 1 Feb 2022

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Key points:

  • Uber and Wallbox stock both edged higher on expansion of EV charging partnership
  • With eyes on a global roll-out, Wallbox stock might be one to watch this year
  • As EV charging stocks struggling to find financial growth, Wallbox home chargers remain popular

The famed global mobility service that is Uber (NYSE: UBER) has expanded its partnership with EV charging company Wallbox (NYSE: WBX) – following a successful pilot program last year that revolved around incentivizing drivers to adopt EVs in a bid for a cleaner future. Wallbox hasn’t made much noise in the EV charging market, compared to the likes of EVgo and Chargepoint, but the reality is; Wallbox might be a better short-term bet. 

The expansion with Uber is a great milestone for the company. Entering a partnership with the world's most-renowned mobility specialist plants the company firmly in the spotlight when it comes to first-choice EV charging. Uber drivers are rewarded for driving EV’s through discounted Wallbox Pulsar Plus chargers; including installation and financing arrangements. 

Read Also: Best EV Stocks To Buy Right Now

The partnership extension will mean that by April this year, Uber drivers across the U.S will have access to Wallbox’s discounted offer. Talks are also in motion to begin a global roll-out, beginning in Europe and Canada. 

Douglas Alfaro, General Manager of Wallbox North America, expressed his excitement:

“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.”

When it comes to EV charging stocks, the company’s are – for the most part – still some distance away from profitability due to the logistical necessity of widespread adoption, and the existing success of home-charging apparatus like Wallbox – which was an Amazon bestseller almost immediately. A global roll-out of the uber partnership will be interesting to see, and might well give Wallbox a headstart in the market.

Ollie Martin - AskTraders News writer
Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.