Top EV Charging Stocks that Could Electrify Your Portfolio

If the U.S. is serious about electrifying millions of cars, we need more charging stations. 

Unfortunately, as it stands now, 46% of EV owners said they’re likely to switch back to gas-powered vehicles because of the lack of charging infrastructure, says a McKinsey report.

“Range anxiety and access to charging infrastructure have long been considered big barriers to electric-vehicle adoption, but the revelation that these same issues may drive current battery-powered car owners back into gas-powered cars is a new blow for the already rocky EV transition,” added Business Insider.

And while the Biden Administration set aside $7.5 billion for charging infrastructure to build out about 500,000 EV charging stations by 2030, only seven are up and running. 

Again, if the U.S. is serious about EV adoption, it’ll get even more aggressive with charging stations. All of which could positively impact charging stocks, such as:

EVgo (EVGO)

Company CEO Badar Khan recently bought 125,000 shares at an average price of $2.05 for about $251,250. Plus, analysts at Benchmark have a buy rating with a $3 price target.

EVGO has also been moving on news it’s opening a new fast charging station in North Carolina with Regency Centers Corporation. 

Blink Charging (BLNK)

At the moment, Blink holds “in process” designation from the Federal Risk and Authorization Management Program for EV charging solutions. If Blink can get full accreditation from the agency, other government agencies can contract Blink for EV charging.