EV sector, and I don’t see it changing anytime soon. While ChargePoint is likely to thrive in places like Europe, Asia, Oceania, and even some parts of Africa in the future, EVGO will have to fight tooth-and-nail with Tesla (NASDAQ: TSLA ) for more market share. Regardless, this is below ChargePoint due to its U.S.-centric nature. In exchange, we’re looking at five times sales, which is very reasonable. The 5-year forward revenue growth average sits at 125.12% YOY. The stock is up 24% in the past month, and the average analyst price target still implies a 53.4% upside potential. Unlike CHPT, EVGO has seen very positive momentum recently. It does have fewer charging locations than ChargePoint, but each location has more chargers. That should cater to a more environmentally conscious customer base. First, EVgo only offers DC fast charging, using 100% renewable energy for its services. It is also among the biggest EV charging stocks, but there are some differences here. Source: Sundry Photography / ĮVgo (NASDAQ: EVGO ) is a U.S.-centered play on the EV market. With that in mind, let’s look at three EV charging stocks to buy before the infrastructure shortfall becomes obvious: ChargePoint (CHPT)
Many developing countries are especially behind regarding EV charging, and significant investments would be required to keep up with rising EV sales. There is a massive market for EVs in Europe, China and elsewhere. According to the National Renewable Energy Laboratory, “…by 2030, EVs could account for 30–42 million light-duty vehicles on the road.” They estimated that “…to support a mid-adoption scenario of 33 million EVs on the road by 2030, the nation will need 28 million charging ports.” This aligns with an estimate by S&P Global Mobility, which believes “…the United States will need to quadruple the number of EV chargers between 20 and grow more than eight-fold by 2030, even taking home charging into account…”
EV charging stocks are among the best bets right now due to the surging electric vehicle sales and substantial future potential for growth.
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