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Although electric vehicle (EV) stock prices have weakened lately, there is no denying that by and large this sector of the stock market is on the rise. Automakers like Ford (NYSE: F) and General Motors (NYSE: GM) have been leading the charge in electrifying their fleets. Moreover, they’re so certain that they’re forking out cash to make electric vehicles the preferred mode of transportation in the United States of America. A solid charging infrastructure to serve the increasing EV industry is evidently the need of the hour, given the huge expenditures in the EV field.
Electric vehicles are heavily reliant on electric vehicle charging stations. EV charging stations have the potential to be the gas stations of the future. Many people feel that the EV revolution is only getting started, given the influx of new EV start-ups into the market.
As the number of electric vehicle sales rises, so will the number of EV charging stations available. However, which EV charging players will dominate is still anybody’s guess. In this article, we’ve compiled a list of the four best EV charging stocks to buy in 2022.
EVGO (EVGO: NASDAQ)
EVGO boasts of having the biggest public fast-charging network in the United States for electric vehicles. In addition, all of its charging stations are powered by renewable energy. Fast-charging stations are available in more than 65 urban regions across 34 states from the company’s network of 800 outlets. Additionally, the business says that an EVgo fast charger is within a 10-mile drive of over 130 million Americans. Using the company’s charging stations, you can expect a charge to take anywhere from 15 minutes to 45 minutes.
As of January 13, EVgo claimed that their PlugShare platform has more than two million registered users worldwide. It’s a major step forward for PlugShare, which now has a firm grip on the EV driver’s market for finding and choosing public chargers. PlugShare is a comprehensive online resource for electric vehicle (EV) owners and operators. It is possible for drivers to learn about the locations and hours of operation of charging stations in their immediate vicinity or along their intended route of travel. The EV community uses it to provide comments on charging stations, to exchange suggestions, and connect with one another.
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Blink Charging (BLNK: NASDAQ)
Blink Charging is a firm that provides EV charging equipment and services, as it may be evident from the name. The Blink Network and EV supply equipment are Blink’s primary product lines. The firm presently has more than 30,000 charging stations in 13 countries. Users may simply charge at any of the company’s sites across the globe. This is thanks to the charging stations being connected together through the company’s global infrastructure.
According to a recent statement from Blink, the company will install EV charging stations at GM dealerships throughout the United States and Canada starting next week. The IQ 200 Level 2 chargers from Blink will be available at participating GM dealerships. Besides that, Blink is partnering with ABM Industries (NYSE: ABM) to offer turnkey EV charging infrastructure. A record revenue increase of 607 percent year-over-year was recorded by Blink in its latest quarterly financial report in November. Furthermore, the number of charging stations contracted or sold by the corporation rose by 351% from the year before. All these facts combined qualify Blink charging as one of the best EV charging stocks to buy in 2022.
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Wallbox (WBX: NYSE)
After merging with a special purpose acquisition company late last year, the Spanish business Wallbox became public. EV charging and energy management systems are some of the services provided by Wallbox. The company was founded in 2012. These gadgets help consumers save money by allowing them to regulate their electricity usage. The Pulsar Plus, the company’s flagship product, is an EV charger for the house that is both small and powerful. Moreover, the firm provides a wide range of charging and energy management solutions in more than 80 countries for private, semi-public, and public usage.
Recently, Pulsar Plus, the company’s best-selling Charger, has been made available for purchase in Canada. A year after making its triumphant debut on the US market in February of last year, the company is making headlines with this news. The Pulsar Plus became Amazon’s top-selling charger in only three months of its release. Because of this, Wallbox now offers chargers in every province of Canada through Amazon.ca and B2B sales. You may want to keep an eye out for WBX as one of the best EV charging stocks to buy in 2022, now that it has entered the Canadian market.
ChargePoint (CHPT: NYSE)
When it comes to EV charging stations, ChargePoint is the biggest online network of charging stations owned and operated by private individuals. The firm has a total of 118,000 charging stations across the world, out of which 26,000+ are in the United States. All in all, ChargePoint aims to make it simple for companies and drivers to switch electric with its vast range of charging networks and solutions. The fact that the stock has fallen roughly 66% in the last year suggests that this may be one of the best EV charging stocks to buy in 2022.
The company released its recent quarter’s financial results for fiscal 2022 back in December. According to the company’s latest financial results, quarterly sales grew by 79% year-over-year to $65 million. As of October 31st last year, it has activated 163,000 ports, with 45,000 of them in Europe. Has-to-be, a European e-mobility technology supplier, and ViriCiti, a provider of eBus and commercial vehicle management, were both acquired by the business. ChargePoint’s full-year sales forecast has been raised to $235-240 million from $225-235 million after a successful quarter.
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