EVgo, Inc. (EVGO) Reports Electrified Rideshare Growth as Q1 Commercial Throughput More Than Tripled

PRISM Emerging EV Index company and one of the nation’s largest public fast-charging networks for electric vehicles (EVs) EVgo Inc. (EVGO), saw significant growth in rideshare usage across its nationwide network, with commercial throughput more than tripling from Q1 2023 to Q1 2024.

EVgo’s analysis revealed that the average rideshare driver charged about five times more frequently than the average retail customer in 2023. In the first quarter of this year, rideshare throughput accounted for 24% of the total, up from 11% in the first quarter of 2021. As more rideshare drivers switch to electric vehicles, the electricity dispensed to this customer group is expected to rise.

“Uber, Lyft, and other rideshare companies are leading the way in EV adoption among their large, distributed driver base,” said Scott Levitan, Executive Vice President of Growth at EVgo. “EVgo is committed to continuing to deploy fast chargers in high-density locations with excellent amenities to best serve rideshare drivers on the go.”

Rideshare drivers travel much farther than average commuters and often require fast charging to quickly power up between rides. Drivers can enroll in EVgo’s charging programs with partners like Uber and Lyft. EVgo has also collaborated with rideshare companies to improve the charging experience, including an API integration with Lyft to simplify driver enrollment in the EVgo charging program.

In addition to saving on public charging, rideshare drivers who switch to electric vehicles benefit from lower maintenance costs and higher customer ratings, as highlighted in Lyft’s 2023 ESG report. Besides rideshare partners, EVgo also works with other light-duty fleets, such as rental companies and municipalities in major metro markets, who use EVgo’s public network. Drivers of these fleets can also access discounted charging rates.

Rideshare companies are committed to an all-electric future, with Uber aiming to be a zero-emission platform by 2040 and Lyft targeting 100 million all-time EV rides by the end of 2025. This aligns with efforts by cities and states that have enacted legislation requiring all rideshare vehicles to be electric by 2030, including New York City’s and California’s Clean Miles Standard initiative.

 

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EVgo, Inc. (EVGO) Reports Electrified Rideshare Growth as Q1 Commercial Throughput More Than Tripled

Ashlee Vogenthaler

Markets Editor