ChargePoint shares fell 18.85% today after announcing a 20-1 reverse split. I hope they don't go bankrupt but I fear that is likely and support for the wall units will likewise disappear.
Clovis
A lot of new L2 and few L3 chargepoint stations around MD recently, including in our office parking lot. One big improvement i've noticed recently is i can tap to pay with android now (tested it this morning on the way to work), no need to use their crusty app to start sessions. That was my biggest gripe with chargepoint in the past, i don't want the unreliable app. Now Shell Recharge just needs to follow industry trends.
We received R10 000.00 worth of charging credits when we bought my wife's iX50, because it was a demo, but have used very little of that, testing whether it actually works, as having 12kW peak of solar panels on my roof, and living in sunny South Africa, I have been charging our two BMW EVs mostly with solar power. I have recently replaced the two Duosida chargers I had with the BMW chargers that came with our iX50 and i4M50, because I almost always had to plug the cable into the vehicle more than once before I did not get an error and red lights flashing. With the Duosida chargers it also needed quite a lot of force to plug the cable into the vehicle and unplugging it, to the extent that my wife was not strong enough to do so. However, the Duosida chargers had two features that I miss: 1. They would communicate with one another wirelessly, so that the 32A (selectable) charging rate would be halved to 16A to each charger when both were in use and 2. One could set the starting time and end time (to minimise electricity cost, for example depending on the price at certain times of the day, or when my solar panels were producing power). However, when plugging in the charger cable into the vehicle after the start time, it would not stop at the set end time, which was another reason I elected to switch to the BMW chargers supplied with each vehicle. I managed to achieve no 2. by adding a CDI Astute timer switch to each power supply to the chargers, controlled by a cell phone app, each of which can be also switched on and off manually via my or my wife's cell phone, and I have set separate times and days for charging each vehicle. A little more effort, but it works for me, and my wife can plug her charging cable in and out herself.
Ok this article explains a lot of why the company is where it is now, and the approach they have now.
cleantechnica.com
TLDR:
They relied on individual owners of the endpoints to maintain the hardware, and most didn't bother or didn't know who to use to do so.
Now Chargepoint itself is rolling out a service to those owners to maintain the chargers for them, which makes sense since they supposedly designed & built them.
As the author points out, great idea but a decade late...
ChargePoint Launches Service Program It Should Have Launched Years Ago - CleanTechnica
Support CleanTechnica's work through a Substack subscription or on Stripe. ChargePoint (NYSE: CHPT) shot out to a huge lead in the US EV charging space. It grew to dominate the Level 2 charging market at commercial and workplace locations. However, its method for rapid expansion had some holes...
cleantechnica.com
TLDR:
They relied on individual owners of the endpoints to maintain the hardware, and most didn't bother or didn't know who to use to do so.
Now Chargepoint itself is rolling out a service to those owners to maintain the chargers for them, which makes sense since they supposedly designed & built them.
As the author points out, great idea but a decade late...
If that electrician guy had never seen a ChargePoint charger that had lasted two years, I wonder what he'd make of my ChargePoint+?
Mine is now past 3.5 years and still going. Not sure about how slow anything about it is, either. It typically finishes on time or often early according to the MyBMW app.
Mine is now past 3.5 years and still going. Not sure about how slow anything about it is, either. It typically finishes on time or often early according to the MyBMW app.
It shows the charging speed if you choose to trust it. I don’t. First, it is generally WAY behind the actual output reading. Second, it updates extremely unreliably, often not at all. Support even admitted that to me……..after many discussions.
I've used a few Chargepoint L2 chargers at various destinations and had no issues with the equipment or the app. The app at least shows the current charging speed - which the BMW app does not.
The one located in my wife's parking deck in downtown Charlotte actually only costs about a penny more per kilowatt than our home residential rate. Since the parking spot is in a good location in the deck it's sometimes worth it to charge there instead and pay the 40-cent premium.
The one located in my wife's parking deck in downtown Charlotte actually only costs about a penny more per kilowatt than our home residential rate. Since the parking spot is in a good location in the deck it's sometimes worth it to charge there instead and pay the 40-cent premium.
As bad as their app is I would not be surprised. Their customer support is incredibly bad. I think the equipment is well made though. I have had a Home Flex for several years. At first customer support people had French accents and they were good. Not any longer, it appears that they have moved support primarily to India. The support people there are all nice but are just really bad at support.
IDK how a company can continually increase their hemorrhage by $50M+ every 6 months and survive. Where is all their money going? They can't be selling the equipment for less than at least what it costs? A ChargePoint L2 charger was on the higher end of prices, which is why I opted for an Emporia.
Are they selling the DCFC high power stations at a loss?
Were they so far up the previous admin's ass that everybody was planning on a piece of that $1B charging infrastructure that was so tied up with woke and DEI and equity that nobody could actually get anything going?
This is very bizarre. How can this company justify spending $300M more than they take in??? Probably deserves to go under with that kind of leadership at the helm.
Are they selling the DCFC high power stations at a loss?
Were they so far up the previous admin's ass that everybody was planning on a piece of that $1B charging infrastructure that was so tied up with woke and DEI and equity that nobody could actually get anything going?
This is very bizarre. How can this company justify spending $300M more than they take in??? Probably deserves to go under with that kind of leadership at the helm.
I wish them well, because our job just signed a contract with them to replace our L2 Blink stations with CPs.
weird that is pretty much the only public L2 chargers I visit. Not a principle, just locations.
If they do go under, it will be my fault as I bought their stock a few yrs back 😡
Sorry everyone...
Sorry everyone...
Chargepoint must be so boring that the reddit + robinhood guys didn't bother to rescue them lol. They just rescued opendoor the other day (cousin works there, low badge number).
A reverse stock split is usually a sign a company is not doing well. As I read about it, the company does have some issues with decline in revenue, however, it might be an overreaction by the market, as just last week the stock gained simply because of "optimism within the EV sector". Is it possible they go under, yes, but that's true of any company, especially in the US EV space. But no offense, but saying you fear bankruptcy it's likely, is a bit unfounded without more details about the company's financials.
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