What happened
Blink Charging (BLNK 4.76%) stock had quite the electric start to its trading week. Investors eagerly plugged into the electric vehicle (EV) charging specialist's shares on Monday, sending them more than 9% higher on a day when the S&P 500 index couldn't quite crack the 1% barrier. The surge was due to a new product announcement.
So what
That morning, Blink announced that it will soon roll out a new 240-kilowatt direct current (DC) fast charger that will feature both Connected Charging System (CCS) and North American Charging Standards (NACS) connectors.
Up until recently, the NACS standard devised by industry leader Tesla was used by that company exclusively for both its charging ports and the connectors on its prominent Superchargers and other charging solutions.
Blink's announcement comes only a few months after Tesla effectively made NACS open-source, publishing its specifications and allowing other charger makers and EV manufacturers to use the standard in their own products.
Last month, Ford jumped on the opportunity, announcing that it would begin providing a NACS charging port for its EVs. Last week, General Motors said it would begin integrating NACS in 2025.
Now what
Although it certainly has its detractors, Tesla is indisputably the 800-pound gorilla of the EV jungle these days. Since it's the leader in the sector in many ways, companies involved in various EV segments are wise to follow the path it blazes. Blink's move is a sensible one that will keep it relevant and competitive in the charger space.
