EVgo Recognizes Massive Rideshare Growth as Commercial Throughput More Than Tripled Year over Year in Q1
Throughput from rideshare accounted for nearly a quarter of all usage on EVgo's nationwide network in the first quarter
EVgo Inc. (NASDAQ:EVGO) ("EVgo" or the "Company"), one of the nation's largest public fast charging networks for electric vehicles (EVs), experienced tremendous growth in rideshare across its nationwide network, with commercial throughput more than tripling from the first quarter of 2023 to the first quarter of 2024.
When evaluating usage on EVgo's network, EVgo determined that the average rideshare driver charged approximately 5 times more than the average retail customer during 2023. Rideshare throughput reached 24% of total throughput in the first quarter this year, up from 11% in the first quarter of 2021. As more rideshare drivers transition to driving electric, the amount of electricity dispensed to this group of customers is expected to increase.
"Uber, Lyft and other rideshare companies are taking the lead in driving EV adoption among their large, distributed base of drivers," said Scott Levitan, Executive Vice President of Growth at EVgo. "EVgo is committed to continuing to deploy fast chargers in high-density locations with great amenities to best serve rideshare drivers on the go."
An average rideshare driver travels much farther than the average commuter and is more likely to need access to fast charging to quickly power up between rides. Drivers can sign up for EVgo's charging programs with its partners such as Uber and Lyft at www.evgo.com/rideshare. EVgo has also worked with rideshare companies to create a smoother charging experience for drivers, including an API integration with Lyft to make it even easier for drivers to enroll in the EVgo charging program.
Beyond savings on public charging, rideshare drivers who make the switch to electric enjoy the benefits of lower maintenance costs for the vehicles and higher customer ratings, as reported by Lyft's 2023 ESG report. In addition to the Company's rideshare partners, EVgo also partners with other light duty fleets, such as rental companies and municipalities in major metro markets across the country who use EVgo's public network for their needs. Drivers of these light duty fleets can also access discounted charging rates.
Rideshare companies have committed to an all-electric future, with Uber setting the goal of being a zero-emission platform by 20401 and Lyft setting a target to reach 100 million all-time EV rides on the platform by the end of 2025.2 This is complementary to efforts by cities and states that have passed legislation requiring all rideshare vehicles that operate within their jurisdictions to be electric by 2030, including New York City's and California's Clean Miles Standard initiative.
For more information about the EVgo charging network, visit www.evgo.com.
About EVgo
EVgo (NASDAQ:EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation's largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
1 https://www.uber.com/us/en/about/sustainability/
2 https://s27.q4cdn.com/263799617/files/doc_downloads/esg/2023/ESG-2023-Report-Final.pdf
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