In this article, we discuss the 11 best EV charging stocks to invest in along with the latest updates and outlook of the EV charging market.
Over the last few years, the electric vehicle (EV) market has experienced significant growth, due to consumer demand, automaker investments, and substantial government support. In the US, the $7.5 billion from the 2021 Infrastructure Investment and Jobs Act and tax credits from the Inflation Reduction Act have also fueled EV growth.
According to the International Energy Agency (IEA), global public charging points are expected to exceed 15 million by 2030 and will increase to nearly 25 million by 2035. In the U.S., the government aims to install 500,000 public charging ports by 2030, with the total number of chargers expected to reach 900,000 in 2030 and 1.7 million by 2035.
Globally, home charging is expected to grow to over 270 million units by 2035, with more than 45% of electricity coming from public or private non-home chargers. Charging infrastructure for heavy-duty vehicles (HDVs) is also expected to grow significantly. By 2035, installed HDV charging capacity is projected to reach 2,000 GW. Policies like the EU’s Alternative Fuels Infrastructure Regulation and U.S. strategies are driving this expansion, alongside private investments.
The Road Ahead for EV Charging: Industry Growth and Challenges
According to PwC’s analysis, the number of charge points in the U.S. must grow from around 4 million today to 35 million by 2030 to meet demand. The PwC report has projected that the number of EVs could reach 27 million by 2030 and 92 million by 2040.
The EV supply equipment (EVSE) market is expected to expand from $7 billion to $100 billion by 2040, at a 15% compound annual growth rate. The market’s primary value pools are hardware, software, installation services, and charge point operators (CPOs). CPOs, which build, operate, and maintain charging stations, are expected to dominate and capture 65% of market revenue by 2040. On the other hand, hardware providers’ share will shrink from 46% today to 20% by 2040.
Despite the clear market opportunities, challenges remain, including educating consumers, financing infrastructure, and ensuring cost-effective solutions across different charging segments. Companies looking to enter or expand in the EVSE market will need to understand evolving customer needs, adopt appropriate business models, and prepare for long-term investments with a focus on strategic partnerships and potential acquisitions.
With that, we look at the 11 Best EV Charging Stocks To Invest In.
11 Best EV Charging Stocks To Invest In
Our Methodology
For this article, we identified 15 EV charging stocks through financial media and ETFs and narrowed our list to 11 stocks most widely held by institutional investors. We avoided the companies that faced recent financial trouble and rapid downgrades by analysts. The best EV charging stocks are listed in ascending order of their hedge fund sentiment.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
11 Best EV Charging Stocks To Invest In
11. Wallbox N.V. (NYSE:WBX)
Number of Hedge Fund Holders: 2
Wallbox N.V. (NYSE:WBX) is a rising Spain-based company in the EV sector and is reshaping how energy is utilized for EVs. The company is engaged in designing and producing a variety of charging solutions tailored for residential, business, and public use. It runs through three segments, Europe-Middle East and Asia, North America, and the Asia-Pacific.
The company’s product lineup includes several smart AC chargers for homes and shared spaces, such as the Pulsar Plus, Pulsar Plus Socket, Pulsar Max, and Pulsar Pro. The chargers provide an efficient and user-friendly experience for EV owners, whether they are charging at home or in multi-unit residences.
For commercial and fleet needs, the company offers the Commander 2, which features a 7-inch touchscreen for a secure and customized user interface, and the Copper SB, an AC charger with an integrated socket that supports both type 1 and type 2 cables.
In the public charging arena, its Supernova DC fast charger stands out. Designed for efficient operation at up to 150 kW, the Supernova can add approximately 130 miles of range in just 15 minutes of charging. Its modular design and compact size make it suitable for installation in diverse locations such as urban areas, intercity routes, and semi-public parking spaces. The model offers a cost-effective alternative to other high-speed chargers.
In the second quarter, 2 hedge funds had stakes in Wallbox (NYSE:WBX), with total positions worth $201,000. It is among our best EV charging stocks to invest in.
Recent developments highlight the company’s growth and strategic focus. In July, it secured a $45 million investment, which will be led by Generac Power Systems, a leading energy technology company. The funding strengthens the company’s financial position and supports its expansion, particularly in the North American market. Generac’s extensive dealer network of over 8,000 dealers will help distribute the company’s products, including the Quasar 2 bidirectional charger and the Supernova, which will better their market reach.
Wallbox (NYSE:WBX) has also formed partnerships with major automakers like Nissan and Kia to provide tailored home charging solutions. The company reported strong financial results for the second quarter. It generated €48.8 million in revenue, which is the highest for any quarter to date and represented a 48% increase from the previous year. The company experienced substantial growth in the North American market, with AC and DC sales increasing over 65% year-over-year, which outpaces overall EV market growth, as per the company.
During the same period, it launched its highest power-to-footprint ratio DC fast charger yet, the Supernova 220. It ended the quarter with €65.2 million of cash, cash equivalents and financial investments. The figure does not account for the recent $45 million investment from Generac and other investors.
10. Beam Global (NASDAQ:BEEM)
Number of Hedge Fund Holders: 2
Beam Global (NASDAQ:BEEM) specializes in innovative clean technology that addresses the growing demand for renewable energy and efficient EV charging solutions. The company develops, patents, and manufactures a range of advanced products, including solar-powered EV chargers and off-grid energy systems. These solutions, such as the EV ARC and Solar Tree DCFC, utilize renewable energy sources to provide scalable and rapidly deployable infrastructure. Its technology not only supports EVs but also offers crucial energy storage and security solutions.
Beam (NASDAQ:BEEM) has a strong presence in both the U.S. and Europe and is financially healthy with no debt and a $100 million credit line. The company focuses on solving problems with traditional energy systems and is known for its innovations in battery management and new types of devices. It takes the 10th spot on our list of the best EV charging stocks to invest in.
The company is committed to addressing the challenges of traditional grid-tied infrastructure and its focus on innovations like battery thermal management and wireless devices position it as a significant player in the transition to clean mobility and energy solutions.
Beam (NASDAQ:BEEM) has recently introduced the BeamSpot system, which is a new sustainable curbside EV charging solution that integrates solar, wind, and utility electricity with proprietary batteries. BeamSpot provides both lighting and EV charging in challenging environments such as street parking, multi-unit housing areas, and public spaces like airports and shopping centers.
The company is also quite active in expansions as it announced the completion of its acquisition of Telcom, a Belgrade-based company specializing in power electronics such as inverters, charge controllers, power supplies, and LED lighting on September 5. It is expected to improve Beam Global’s (NASDAQ:BEEM) product offerings by replacing third-party components with Telcom’s in-house solutions, potentially reducing costs and improving quality.
In the second quarter, Beam Global’s (NASDAQ:BEEM) stock was owned by 2 hedge funds, at a combined value of approximately $230,000. As of June 30, Millennium Management is the company’s most significant shareholder with 26,239 shares worth $120,962.
9. ADS-TEC Energy PLC (NASDAQ:ADSE)
Number of Hedge Fund Holders: 5
ADS-TEC Energy PLC (NASDAQ:ADSE) is a spin-off from the ADS-TEC Group. It focuses on developing decentralized energy platforms with integrated battery storage systems. The company’s goal is to manage the power fluctuations associated with renewable energy sources like wind and solar, as well as increasing demand from heat pumps and electric vehicles.
The company produces intelligent energy solutions designed for various uses, including fast EV charging and peak load management. It offers ultra-fast charging solutions without the need for costly grid upgrades. Its systems store energy and deliver it quickly, allowing EVs to charge efficiently even on power-limited grids.
The ChargePost system, for example, can deliver up to 300 kW of charging power and is equipped with features like bidirectional battery storage, which supports peak load management and energy trading. The ChargeBox system provides flexibility in installation, allowing for high-speed charging even when the grid connection is located up to 300 meters away.
Both solutions optimize the use of renewable energy, reduce operational costs, and offer a faster return on investment. The innovative charging platforms are designed to meet the growing needs of the EV market while promoting sustainability and energy efficiency.
In May, ADS-TEC Energy (NASDAQ:ADSE) signed a global service agreement with Porsche to become the preferred service provider for Porsche’s ultra-fast charging platforms across Europe and North America. The partnership includes remote diagnostics, on-site support, and continuous improvements based on data from ADS-TEC’s ChargeBox system.
Around 500 Porsche centers already use ADS-TEC’s ChargeBox to charge electric vehicles, and this collaboration will further enhance the availability and performance of fast-charging options at Porsche dealerships.
In the second quarter, 5 hedge funds had stakes worth $2.5 million in ADS-TEC Energy (NASDAQ:ADSE). It is among our best EV charging stocks to invest in.
8. Blink Charging Co. (NASDAQ:BLNK)
Number of Hedge Fund Holders: 5
Blink Charging Co. (NASDAQ:BLNK) is a prominent player in the EV charging infrastructure industry, operating one of the largest charging networks in the United States and globally. It takes the 8th spot on our list of the best EV charging stocks to invest in.
The company manages over 90,000 chargers across several countries, which positions the company as a top provider in the EV charging space. Since its founding in 2006, the company has undergone several transformations, including strategic acquisitions like ECOtality’s Blink Network and SemaConnect, which have expanded its reach.
It recently partnered with the e-commerce platform, WEX, to make it easier for businesses to charge EVs as part of their fleets. WEX supports around 19.4 million vehicles worldwide, and will now include Blink’s (NASDAQ:BLNK) EV chargers in its network.
Drivers can use the WEX app or card to charge their EVs, with secure payments and detailed reports for tracking. The partnership supports the company’s goal of promoting clean energy and making transportation more sustainable.
Additionally, on August 27, Blink Charging (NASDAQ:BLNK) announced its strategic partnership with Create Energy, a renewable energy company from Tennessee, to provide advanced energy management solutions. The collaboration aims to offer businesses in sectors like logistics, real estate, and automotive a unified platform for integrating renewable energy resources such as solar panels and battery storage systems with the company’s EV chargers.
The joint effort is designed to simplify project processes and reduce costs by combining both companies’ technologies. Leaders from both companies emphasized the innovation and customer benefits this partnership will bring to the commercial and industrial market.
On August 8, TipRanks reported that Needham analyst Chris Pierce maintained a Buy rating on Blink Charging (NASDAQ:BLNK) with a $4 price target. Despite the company lowering its full-year revenue forecast and delaying profitability for adjusted EBITDA, Pierce remains optimistic about the company’s growth potential. He highlighted the company’s diverse business model and the expected increase in demand for EV charging stations as electric vehicle adoption rises in the U.S. Despite short-term challenges, he believes the company’s long-term outlook is promising.
In Q2, 5 hedge funds had stakes worth $7.78 million in Blink Charging (NASDAQ:BLNK). As of June 30, D E Shaw holds over 1.8 million of the company shares, worth nearly $5 million and is the company’s most prominent shareholder.
7. EVgo, Inc. (NASDAQ:EVGO)
Number of Hedge Fund Holders: 11
EVgo, Inc. (NASDAQ:EVGO) is a significant player in the U.S. EV fast-charging market, with over 1,000 fast charging locations across 35 states. It was established in 2010 as part of a settlement involving NRG Energy and the California Public Utilities Commission, and has evolved significantly over the years. It is one of the best EV charging stocks with over 1 million customers across the US.
In its second quarter, EVgo (NASDAQ:EVGO) reported an EPS of -$0.10, which outperformed the estimates by $0.02 and its revenue of $66.6 million was up 31.6% year-over-year. The company also raised the midpoint of its revenue guidance by $10 million at $240 to $270 million.
On August 6, The Fly reported that Stifel analyst Stephen Gengaro adjusted the price target for EVgo’s (NASDAQ:EVGO) stock to $6 from $7 while maintaining a Buy rating. The update came after the company reported solid second-quarter results, driven by higher utilization of its charging stations and increased operational efficiency. The analyst expects these positive trends to continue, which could help the company in reaching its target of becoming EBITDA positive by 2025. Despite the reduced price target, the firm still views the company as its “favorite charging name.”
In the second quarter, 11 hedge funds held EVgo (NASDAQ:EVGO) shares worth $16.53 million. Israel Englander’s Millennium Management is the company’s most prominent shareholder with 1.8 million shares, worth $4.43 million, as of June 30.
6. Li Auto Inc. (NASDAQ:LI)
Number of Hedge Fund Holders: 17
One of the best EV charging stocks to invest in, Li Auto Inc. (NASDAQ:LI) is immensely focused on expanding its charging infrastructure. As of August 31, the company has already established 748 supercharging stations, equipped with 3,506 charging stalls, covering more than 70% of China’s major economic hubs and key national highways. The network supports the company’s current fleet and sets the stage for future growth.
Its collaboration with China National Petroleum Corporation (CNPC), China’s largest oil company, marks a major advancement in its charging capabilities. The partnership will see the installation of over 2,000 charging stations and 10,000 charging columns at CNPC service stations.
By the end of 2024, the expansion is expected to increase the company’s charging network coverage to over 90% in tier-one and tier-two city centers and more than 70% along national highways.
At a stake value of $258.398 million, 17 hedge funds held positions in Li Auto (NASDAQ:LI) in the second quarter. As of June 30, Renaissance Technologies is the biggest shareholder in the company and has a position worth $129.69 million.
The company has ambitious plans to further enhance its charging infrastructure. By 2025, it aims to build more than 3,000 supercharging stations. The extensive network will cover 90% of major highway routes and key urban areas in tier-four cities and developed regions across mainland China.
To support this growth, the company plans to invest around 10 billion yuan (1 Yuan = US$0.14 as of September 9) into the new network, which will feature advanced 5C charging technology capable of providing five full charges within an hour. The expansion is crucial as the company shifts focus from extended-range electric vehicles (EREVs) to fully electric models, with new battery electric vehicles (BEVs) on the horizon.
In addition to its supercharging stations, Li Auto (NASDAQ:LI) is enhancing the charging experience at home. The company offers home charging piles for overnight charging convenience. The collaboration with CNPC will also integrate the company’s charging platforms with CNPC’s services, which will optimize the overall charging experience and support leisure and home charging needs.
The company’s efforts in building its charging infrastructure are complemented by agreements with other partners, such as PetroChina Kunlun Wanglian Electric Energy Technology Co., Ltd., to develop charging facilities along highways and in urban centers.
The company reported a strong second quarter in August, with a non-GAAP EPS of $0.20 and revenue of $4.4 billion, which grew by 10.6% from the previous year. For the third quarter, the company expects revenues between RMB 39.4 billion (US$5.4 billion) and RMB 42.2 billion (US$5.8 billion), which represents a 13.7% to 21.6% increase from the same period in 2023.
5. XPeng Inc. (NYSE:XPEV)
Number of Hedge Fund Holders: 17
XPeng Inc. (NYSE:XPEV) is a prominent player in China’s EV market. It has been actively improving its charging infrastructure to support the growing adoption of its vehicles. As of late July, the company operates a network of 1,300 charging stations, including 1,000 supercharging stations. The company takes a spot on our list of the best EV charging stocks to invest in.
The charging network, which features both self-operated and partner-operated stations, is designed to offer a convenient charging experience for Xpeng owners across China. By June 30, the company had established nearly 1,300 self-operated stations, including 442 ultra-fast XPENG S4 charging stations. It plans to expand this network significantly, aiming for 10,000 self-operated charging stations by 2026, with a focus on 4,500 of these being liquid-cooled ultrafast chargers.
XPeng (NYSE:XPEV) is also set to introduce its next-generation supercharger in the near future, which promises even faster charging capabilities. The new S5 liquid-cooled supercharging station, expected to roll out in the third quarter of 2024, will offer up to 800 kW of charging power.
The new technology will feature a maximum output current of 800 A and a maximum output voltage of 1,000 V, which will allow drivers to gain more than one kilometer of range with just one second of charging. The process from plugging in to starting the charge will take less than 13 seconds. Users will be able to access real-time information about these new stations through the Xpeng App and other digital channels.
For the second quarter, the company reported revenue of $1.12 billion, a 60.2% increase compared to the same period the previous year. Vehicle deliveries also saw substantial growth, with 30,207 units delivered during the quarter, up by 30.2% from the 23,205 vehicles delivered in the second quarter of 2023. Despite a non-GAAP EPS loss of $0.18, the figures are a sign of the company’s strong growth trajectory and its expanding market presence.
In Q2, 17 hedge funds had investments in XPeng (NYSE:XPEV), with positions worth $191.728 million. D E Shaw is the top investor in the company as of Q2. In the quarter, the firm increased its stake by 166% to 12.539 million shares worth $91.9 million.
4. NIO Inc. (NYSE:NIO)
Number of Hedge Fund Holders: 20
NIO Inc. (NYSE:NIO), a prominent EV manufacturer in China, is driving growth through substantial investments in charging infrastructure and innovative technologies. The company operates one of the largest public charging networks among Chinese car manufacturers, with over 2,000 supercharging and destination charging stations across China. It is one of the best EV charging stocks to invest in.
The extensive network is not just for its vehicles. Through partnerships with other automakers like Huawei’s Harmony Intelligent Mobility Alliance, Chery, Jetour, Geely, Jiyue, Polestar, and Hongqi, the company’s charging facilities are accessible to a broader range of EVs. The approach enhances its market visibility and boosts revenue by increasing the use of its charging stations, with more than 80% of current users driving non-NIO vehicles.
The company’s innovation extends beyond charging with its Power Swap technology. The system allows drivers to swap out depleted batteries for fully charged ones in just three minutes at designated stations.
With nearly 4,000 Power Charger Stations, 23,256 chargers, and connections to over 1.6 million third-party chargers, it has conducted over 51 million battery swaps. The company has also established 78 Power Journeys routes in China and two in Europe, which makes its technology more accessible to international customers.
As of September, NIO (NYSE:NIO) had 2,552 battery swap stations in China, including 837 situated along highways. The company plans to expand this network to cover over 2,300 counties by the end of 2025. Additionally, a recent partnership with Suzhou Energy Group, a state-owned Chinese enterprise, will support the growth of the company’s charging and battery swap infrastructure, virtual power plants, and zero-carbon stations.
In the second quarter, the company reported revenues of RMB 17,446.0 million (1 RMB = US$0.14 as of September 9), a significant increase of nearly 99% year-over-year and 76% from the previous quarter. Vehicle deliveries also surged, reaching 57,373 units, which is nearly 144% higher compared to the same period last year and almost 91% higher than the first quarter of 2024.
In the second quarter, 20 hedge funds held positions in NIO (NYSE:NIO) worth $82.117 million. As of Q2, Point72 Asset Management is the most dominant shareholder in the company and has a position worth $26.89 million.
3. Rivian Automotive (NASDAQ:RIVN)
Number of Hedge Fund Holders: 37
One of the best EV charging stocks, Rivian Automotive (NASDAQ:RIVN) is a well-known name in the EV industry. It is making considerable advancements with its charging infrastructure to support the increasing number of EVs on the road.
At the core of the company’s strategy is the Rivian Adventure Network (RAN), which is a dedicated network of DC fast chargers exclusively for Rivian owners. As of February, the network featured 400 fast chargers distributed across 67 locations in the U.S. The company plans to expand this network significantly, aiming to install 3,500 chargers across about 600 sites in the U.S. and Canada by the end of 2025.
The company’s commitment to improving its charging infrastructure is further evident from its recent decision to open the RAN to other electric vehicle brands by the end of 2024. It will allow vehicles equipped with CCS (Combined Charging System) ports to use the company’s chargers, which will broaden the network’s accessibility and benefit the entire EV community.
Additionally, it has introduced a new charger design that accommodates both 400-volt and 800-volt battery systems, which ensures compatibility with a wide range of EVs.
Alongside the RAN, Rivian (NASDAQ:RIVN) offers Level 2 charging solutions through its Rivian Waypoints. The public chargers are situated near popular spots like shopping centers, restaurants, hotels, and parks, which allows EV owners to recharge their vehicles conveniently while they are out. The company intends to deploy over 10,000 Waypoint chargers throughout the U.S. and Canada to increase the ease of charging for all EV drivers.
For home use, the company provides the Wall Charger, which delivers 11.5 kW of power for efficient overnight charging. The home charger is compatible with most EVs and comes with Wi-Fi connectivity for over-the-air updates. Additionally, the company includes a portable charger with each vehicle, which lets users charge their cars using both 240V and 120V outlets.
Rivian’s (NASDAQ:RIVN) charging infrastructure is powered entirely by renewable energy, which aligns with the company’s dedication to environmental sustainability. The RAN has achieved an uptime of over 98% in 2024, reflecting the reliability and strength of the company’s charging network.
It plans to adopt the North American Charging Standard (NACS) beginning in 2025. The transition will allow Rivian vehicles to use Tesla’s expansive Supercharger network through a NACS DC adapter. During the transition, Rivian’s chargers will also support NACS adapters, which facilitates continued compatibility and ease of use for Rivian owners.
Supported by various national and state initiatives, such as the U.S. National Electric Vehicle Infrastructure (NEVI) program, the company is well-positioned to leverage these incentives to expand its charging network and drive the adoption of electric vehicles. Its Q2 performance reflects its growth potential, with deliveries increasing by 9% year over year to 13,790 units and generating around $1.2 billion in revenue.
In Q2, 37 hedge funds held stakes in Rivian (NASDAQ:RIVN), with positions worth $383.602 million. As of the second quarter, SoMa Equity Partners is the most significant shareholder in the company. The firm has increased its stake in the company by 53% to 6.6 million shares worth $88.5 million.
Meridian Hedged Equity Fund stated the following regarding Rivian Automotive, Inc. (NASDAQ:RIVN) in its first quarter 2024 investor letter:
“Rivian Automotive, Inc. (NASDAQ:RIVN) is a US-based manufacturer of electric vehicles, namely the R1T pickup truck and R1S SUV. They also have exposure to the commercial vehicle market with their electric delivery vans (EDVs) that are sold to companies like Amazon. The company has faced challenges amid the broader slowdown in electric vehicle demand and rising interest rates. This has contributed to Rivian underperforming expectations over the past few quarters. Rivian has also incurred losses as it continues to invest in the development of its products and manufacturing capabilities. We own Rivian in a hedged structure, which provides a significant margin of safety. Despite the near[1]term challenges, several factors provide optimism that Rivian can emerge as a long-term winner in the EV market. Rivian’s balance sheet is strong, with a substantial cash position that enables the company to continue investing in its growth and navigate through the current economic headwinds. Rivian is also unveiling the R2, which is a smaller and more affordable EV platform that will open the company’s products to a wider customer base. Lastly, Rivian’s investment in the enhancement of its production capabilities should improve the company’s manufacturing efficiency and drive a path to profitability. We continue to hold the company in a hedged structure.”
2. Enphase Energy, Inc. (NASDAQ:ENPH)
Number of Hedge Fund Holders: 42
Enphase Energy, Inc. (NASDAQ:ENPH) is a prominent player in the energy technology space. It is known for pioneering solar micro-inverter technology, which converts direct current (DC) from solar panels into alternating current (AC) for use in homes and the grid.
The company focuses primarily on providing solar solutions to residential customers, including energy storage and electric vehicle charging products. Over the years, the company has expanded its product portfolio and global presence, shipping millions of micro-inverters across more than 140 countries.
In the EV charging space, its Enphase IQ EV Charger offers efficient and flexible charging solutions for electric vehicles. It connects to the internet and lets users monitor and control charging sessions through a digital interface. The technology helps optimize charging schedules for cost efficiency and reduced environmental impact.
Users can monitor energy consumption through the app based on their EV’s battery capacity and charger ratings, which ensures they charge within their vehicle’s limits. The app’s Status screen provides real-time data on energy usage, including a detailed breakdown of EV consumption.
Enphase Energy (NASDAQ:ENPH) is also one of the best clean energy stocks according to Reddit. The company stands to benefit from the U.S. Inflation Reduction Act (IRA), which provides a 10% Investment Tax Credit for solar products with U.S.-made components, which could improve potential sales and margins.
Despite reporting slightly lower-than-expected revenue and earnings in Q2 due to weaker European sales, the company has achieved a strong 47.1% gross margin. Growing competition hasn’t stopped the company from expanding its market. The company saw a 32% revenue increase from the U.S. in Q2 and has secured most of its Q3 revenue through pre-orders.
In the second quarter, Enphase Energy’s (NASDAQ:ENPH) stock was held by 42 hedge funds at a combined value of nearly $506 million. Coatue Management is the company’s biggest shareholder with 960,700 shares worth $95.8 million, as of June 30. It is among our best EV charging stocks to invest in.
1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 85
Tesla, Inc. (NASDAQ:TSLA) is a leading force in the EV sector through both its cutting-edge vehicles and an expanding charging infrastructure. The company’s Supercharger network, a key component of its strategy, has grown to over 50,000 stations worldwide since its inception in 2012. It tops our list of the best EV charging stocks to invest in.
The extensive network is designed to ease range anxiety for Tesla drivers by offering fast charging options at strategic locations along major travel routes and in urban centers. It not only facilitates long-distance travel but also improves convenience for everyday driving.
In addition to the Supercharger network, the company provides home charging solutions through its Wall Connector, which allows users to charge their cars overnight. The home charging option complements the public charging infrastructure and is integrated with the company’s advanced navigation systems, which help drivers find the best routes and locate nearby charging stations effortlessly.
The company’s recent decision to open its Supercharger network to other EV companies highlights its ambition to set the standard in the industry. By introducing the North American Charging Standard (NACS), it has made its charging technology available to vehicles from other major automakers such as Ford and Rivian. The move not only maximizes the use of its charging stations but also reinforces its role as a key player in the wider EV charging ecosystem.
On September 9, Deutsche Bank analyst Ed Yu resumed coverage of Tesla (NASDAQ:TSLA) with a Buy rating and $295 price target. Yu views the company not merely as an automaker but as a technology platform with the potential to reshape several industries.
The analyst acknowledged the company’s significant lead in battery electric vehicles, particularly in terms of scale and cost efficiency. Although there may be temporary softness in automotive deliveries and margins, this is expected to be short-lived, with new models and updates on the horizon.
Tesla (NASDAQ:TSLA) was part of 85 hedge funds’ portfolios in the second quarter with a total stake value of $5 billion. Catherine D. Wood’s ARK Investment Management is the biggest shareholder in the company and has a position worth $1.05 billion as of Q2.
Baron Partners Fund stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its Q2 2024 investor letter:
“Tesla, Inc. (NASDAQ:TSLA) manufactures electric vehicles, related software and components, and solar and energy storage products. The stock contributed as Tesla continued to drive vehicle manufacturing costs lower, accelerate the launch of new models, and invest heavily in its lucrative AI initiatives. Shareholders reaffirmed the CEO’s compensation plan, alleviating personnel and legal uncertainties. Despite material operational complexities resulting in significant shutdowns of key manufacturing facilities and lower sales volume, Tesla presented better-than-expected margins in the quarter. It expects to launch a lower cost model as soon as late 2024, which should result in accelerated revenue growth, reduced manufacturing costs, and increased factory utilization. The company continued to advance its autonomous driving capabilities, expanding its already significant data centers and developing its humanoid robot Optimus. These investments increased confidence in the attractive growth opportunities that remain ahead.”
While we acknowledge the potential of Tesla, Inc. (NASDAQ:TSLA) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Read Next: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
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