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While an expansion of its EVgo Fleet Charging Solutions and a substantial uptick in EV adoption have led to its customer count exceeding the 300,000 mark, EVGO’s operational losses have widened significantly in the last reported quarter. In addition, the issuance of more than 18 million of its common stock in connection to the exercise of warrants and increased competition in the EV charging market could reinforce negative sentiment in the stock.
Here’s what could influence EVGO’s performance in the near term:
