11 Hot EV Stocks to Buy Now

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8. EVgo, Inc. (NASDAQ:EVGO)

Year-to-date Share Price Returns: 26.06%

Number of Hedge Fund Holders: 11

A hot EV stock, EVgo, Inc. (NASDAQ:EVGO) is one of the most significant players in the EV charging industry. It mainly focuses on fast-charging solutions and manages a network of thousands of charging stations. According to the company, over 145 million people live within 10 miles of the company’s charging stations.

The company has partnerships with several big names in the automotive-related industries that create huge growth catalysts for its future. In the ride-sharing segment, it has partnered with notable partners such as Uber and Lyft.

The company also works with automotive brands like Nissan, BMW, Chevrolet, Tesla, Kia, Ford, and Hyundai to provide EV drivers with charging options and access to one of the largest public fast-charging networks in the country.

EVgo (NASDAQ:EVGO), in collaboration with General Motors, installed the thousandth fast-charging stall in 2023. In 2024, the companies announced on September 12 that they are expanding their partnership by introducing 400 fast-charging stalls at some major locations across U.S. cities. These stations will feature high-speed 350kW chargers and amenities like canopies and pull-through access.

The first location is expected in 2025, with the stations positioned near shopping and dining areas. The current expansion builds on their ongoing collaboration to construct 2,850 DC fast-charging stalls, with plans to reach 2,000 stalls by the end of 2024.

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