The electric vehicle boom is accelerating.
General Motors just said it wants to sell a million EVs a year by 2025. Ford wants to sell at least two million a year by 2026. Analysts tell us that by 2030, the world will see 125 million EVs on the road, as noted by CNBC. All as the world looks to go green…
With that, the Biden Administration is moving forward with a $5 billion plan for a network of charging stations. In fact, the current plan calls for an EV charging station every 50 miles on U.S. highways, with a goal of 500,000 by the time 2030 rolls around.
That being said, investors may want to consider EV charging station stocks, such as:
ChargePoint Holdings (CHPT)
According to the company, “With the total cumulative investment in EV charging infrastructure in the United States and Europe expected to be $60 billion by 2030 and $192 billion by 2040, ChargePoint’s established business model, comprehensive portfolio for nearly every charging scenario today, recurring revenue, and growing customer base demonstrate it is well positioned to continue to lead as the electric mobility revolution accelerates.”
Even better, growth has been impressive.
In its fourth quarter, CHPT saw a 90% increase in revenue to $80.7 million year over year from $42.4 million. For the full-year, revenues jumped 65% year over year to $242.3 million. Three, with the EV boom just starting to roll, keep an eye on CHPT.
From a current price of $15.69, we’d like to see CHPT again challenge $21, nar-term.
EVgo is one of the largest public fast charging networks for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 35 states and more than 310,000 customer accounts, as noted by the company.
Blink Charging (BLNK)
Blink Charging is another leader in the EV charging market, with over 30,000 charging ports across 18 countries, many of which are networked EV charging stations.
In its most recent quarter, the company posted a Q4 loss that was wider than expected. However, sales did come in higher than expected. For Q4, the company lost $19 million, or 45 cents a share, as compared to a year-earlier loss of $7.9 million, or 24 cents. Revenue shot up to $7.95 million from $2.45 billion.
“We have seen strong momentum throughout the year, which reflects not only the growing market recognition for our EV charging technology, but also the increasing commitment from the business community as well as state and federal entities, to promote the establishment of reliable, convenient EV infrastructure nationwide,” Chief Executive Michael D. Farkas said, as quoted by MarketWatch.com.