Shares of Wallbox N.V. (WBX) experienced a significant boost of 4.8% in premarket trading on Wednesday, following the announcement of a strategic collaboration with Best Buy Co. Inc. (BBY). This partnership aims to facilitate the wide-scale distribution of Wallbox’s acclaimed Pulsar Plus electric vehicle (EV) chargers across the United States.
The Pulsar Plus EV charger is renowned for its versatility, being compatible with all EVs, including Tesla Inc. (TSLA) models when used with an adapter. As a result of this collaboration, customers will be able to conveniently purchase the Pulsar Plus chargers from the Best Buy online store (BestBuy.com) and select brick-and-mortar Best Buy outlets.
Wallbox’s stock had previously encountered a five-day losing streak, plunging 12.6% to reach a four-month low on Monday. However, it experienced a slight recovery on Tuesday, gaining 0.4% to break free from this downward trend. Year to date, Wallbox’s stock has recorded a loss of 24.3%.
In comparison, other players in the EV charging network sector have also faced challenges. Blink Charging Co. (BLNK) shares have plummeted by 65.3%, while ChargePoint Holdings Inc. (CHPT) has witnessed a decline of 40.5%.
Despite these setbacks, the S&P 500 index (SPX) has shown remarkable resilience, registering a notable year-to-date gain of 16.2%.
