The EV charging ecosystem in the U.S. is undergoing interesting developments. While Tesla (NASDAQ:TSLA) is slowing the expansion of its EV charging network, Airbnb (NASDAQ:ABNB) and ChargePoint (NYSE:CHPT) are teaming up to provide EV charging solutions for Airbnb guests.
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Aiming for Wider EV Charging Access
While Airbnb’s online platform offers travel and accommodation services, ChargePoint is setting up one of the largest EV charging networks in the U.S. Now, the two companies are collaborating to make it easy for ABNB hosts in the U.S. to set up EV chargers at their listings and widen EV charger access in the country.
Under the partnership, CHPT will provide a hassle-free and affordable mechanism for ABNB hosts to purchase and install EV chargers. The effort involves a dedicated website for charging hardware, software, and support services. Furthermore, ABNB guests can use the ChargePoint app to charge their EVs at ABNB listings as well as over 917,000 access points on the ChargePoint network.
Curiously, ABNB listings offering an EV charger see more bookings compared to ones that do not offer the solution. According to Airbnb, searches for listings that offer EV chargers shot up by over 80% last year. Now, that’s some traction for the EV sector. Energy giant BP (NYSE:BP) (GB:BP) is also eyeing major expansion in the U.S. EV charging space. It plans to invest nearly a billion dollars in EV charging in the U.S. by 2030.
Is Airbnb a Buy, Sell, or a Hold?
Meanwhile, Airbnb shares have jumped by nearly 31% over the past year. Overall, the Street has a Hold consensus rating on the stock, alongside an average ABNB price target of $153.52.
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