10 Best EV Charging Stocks to Buy Now

Published December 14, 2022 at 2:38 pm EST Updated August 31, 2026 at 8:41 pm EDT

In this article, we shall discuss the 10 best EV charging stocks to buy now.

In the past decade, electric vehicles (EVs) have gone from a rare, peculiar sight on even the busiest freeways to an increasingly affordable and preferable alternative for the average car buyer. In 2020, EV sales set unprecedented records that conclusively surpassed analyst expectations, especially in countries with an eager customer base and government policies facilitating the transition. Hence, due to consumer enthusiasm and favorable government regulations and incentives, the number of industry players committed to phase out the internal combustion engine (ICE) seems to grow exponentially every five years. Furthermore, according to a report by McKinsey and Company, 45% of customers in Europe prefer to take the EV route when purchasing a vehicle.

The Inflation Reduction Act in the United States, and commitments by EU to render the ICE obsolete by 2035 point towards significant tailwinds for the EV charging sector. Moreover, the report also ascertains that 75% of European new car sales by 2030 will be EVs, hinting at continued growth in the EV market. This growth has catalyzed a race to build enough public charging stations to meet ever-increasing demand, and ultimately aid in meeting carbon emission reduction targets. Popular EV charging stocks include Tesla Inc. (NASDAQ:TSLA), ABB Ltd. (NYSE:ABB), and Shell plc (NYSE:RDS).

The EV Charging Sector in America: An Overview

Although the United States has only 5 percent of the global population, it contributes more than 28% to global carbon emissions. To curtail emissions and meet reduction targets by 2050, the Biden administration signed the Bipartisan Infrastructure Bill into law. The Act aims to inject more than $7.5 billion into the EV market to develop the country’s EV charging infrastructure. The objective is to install more than 500,000 public chargers across the nation by 2030. However, a report by McKinsey estimates that even if half of all vehicles are EVs by 2030 – in line with federal targets- America is likely to require more than 1.2 million public EV chargers and 28 million EV chargers by 2030. The report highlights that merely setting up charging stations at random will not be enough to incentivize EV growth. To keep EVs running, public charging stations need to be economical, equitably distributed, appealing to use, and wired to a solid and dependable power grid. There is also a need to present a viable business opportunity and incentivization structure for companies that are expected to operate them. In a potential scenario where the country achieves the current federal EV sales target, the report predicts that about 15 percent of all vehicles on the road would be EVs.

Our Methodology

For this article, we looked at Insider Monkey’s database which tracks 920 elite hedge funds and identified some of the most popular EV charging stocks in this data. Then, we picked 10 of these stocks with strong fundamentals, positive analyst ratings, or a favorable hedge fund sentiment.

The stocks have been ranked based on the number of hedge funds which hold stakes in them, from lowest to highest.

Best EV Charging Stocks to Buy Now

10. Wallbox N.V. (NYSE:WBX)

Hedge Fund Holdings: 4

Based in Barcelona, Wallbox (NYSE:WBX) is a Spanish smart electric vehicle charging and energy management company which provides, designs, manufactures, and distributes EV charging technologies.

On November 22, Northland analyst Abhishek Sinha initiated coverage of Wallbox with an Outperform rating and a $16 price target. According to the analyst, the company has an exceptionally robust business model with impressive growth rates, solid growth margins, and a clear and viable path to profitability. Sinha also points out the Wallbox’s (NYSE:WBX) current valuation offers an excellent entry for investors looking to capitalize upon the EV charging market in 2023.

9. Blink Charging Co. (NASDAQ:BLNK)

Hedge Fund Holdings: 7

Based in Miami Beach, Florida, Blink Charging (NASDAQ:BLNK) is an American electric services company which procures, distributes and develops EV charging stations and equipment. Blink Charging was able to maintain hedge fund sentiment around its stock, with 7 funds long the stock in both Q2 and Q3 of 2022. The company reported a total revenue of $17.25 million in Q3 2022, beating consensus $15.38 million.

Blink’s (NASDAQ:BLNK) recent acquisition of SemaConnect, complete rejuvenation of manufacturing capabilities, and expansion of the company’s network footprint is expected to revitalize long-term profitability. And although cash reserves are currently depleted after the acquisition, the company is well leveraged to benefit from long-term tailwinds from growing EV demand, favorable governmental incentives, federal funding, and network expansion.

8. Workhorse Group Inc. (NASDAQ:WKHS)

Hedge Fund Holdings: 12

Headquartered in Sharonville, Ohio, Workhorse Group Inc. (NASDAQ:WKHS) is an American company which specializes in original equipment manufacturing. The company has a diverse product portfolio which consists of electric delivery vans, drones, and telematics, to EV charging stations. In the third quarter of 2022, investor interest around Workhorse Group Inc. increased, with 12 hedge funds long the stock, up from 10 funds in the preceding quarter.

On November 25, B. Riley analyst Christopher Souther lowered the price target on Workhorse Group Inc. to $5 from $6, maintaining a Buy rating on the shares post the company’s Q3 earnings results. The analyst noted that despite testing issues with the C1000, the company was able to maintain its 2022 revenue guidance. Souther ascertains that Workhorse Group Inc. is likely to abandon the C1000 restoration project as new products are gaining momentum in the market, accumulating positive reviews from investors and customers. According to Souther, the analyst day the company planned will prove to be a catalyst for the stock.

7. ChargePoint Holdings Inc. (NYSE:CHPT)

Hedge Fund Holdings: 13

Based in Campbell, California, ChargePoint Holdings Inc. (NYSE:CHPT) is an American EV infrastructure manufacturing company which operates the largest online network of independently owned EV charging stations operating in more than 13 countries. As of the third quarter of 2022, ChargePoint Holdings Inc. beat EPS estimates of -$0.19 by $0.03, posting earnings of -$0.16 per share. The company delivered growth exceeding 90% year-over-year in its Q3 earnings returns on December 1.

On December 5, DA Davidson analyst Matt Summerville lowered the price target on ChargePoint Holdings Inc. to $18 from $20, maintaining a Buy rating on the shares. The analyst reduced revenue expectations, citing an offset by an acceleration in economies of scale as the company builds operational momentum and re-prioritizes spending following completion of a major hardware development life cycle for its global L2AC platform. Summerville emphasized, however, that the current ChargePoint Holdings Inc. share levels are an ideal entry point for the long-term investor. Like Tesla Inc. (NASDAQ:TSLA), ABB Ltd. (NYSE:ABB), and Shell plc (NYSE:RDS), ChargePoint Holdings Inc. is one of the most prominent EV charging stocks in the world.

6. EVgo Inc. (NASDAQ:EVGO)

Hedge Fund Holdings: 14

Based in Los Angeles, California, EVgo Inc. (NASDAQ:EVGO) is an American EV DC fast charging station network, with more than 850 charging locations across the United States. In November, the company entered into an equity distribution agreement under which it revealed plans to sell up to $200 million worth of Class A common stock. EVgo Inc. plans to use the additional capital for general corporate affairs, repayment of loans, additions to working capital, and potential investments in expansion.

EVgo Inc. ended Q3 2022 with an expanding top-line, which it owes to an ever-increasing DC stall count and customer base. The company has also signed multiple commercial agreements, which have facilitated the growth of its development pipeline. And although there is still significant pressure on margins, EVgo Inc., like Like Tesla Inc. (NASDAQ:TSLA), ABB Ltd. (NYSE:ABB), and Shell plc (NYSE:RDS), is well-leveraged to resist the ongoing macroeconomic headwinds perpetrated by the Russia-Ukraine crisis, causing the stock to remain fundamentally attractive.

5. Lucid Group Inc. (NASDAQ:LCID)

Hedge Fund Holdings: 15

Based in Newark, California, Lucid Group Inc. (NASDAQ:LCID) is an American EV manufacturer. In 2021, Lucid Group Inc. partnered with Electrify America to install a nationwide EV charging network for Lucid’s (NASDAQ:LCID) vehicles. In Q3 2022, the company beat EPS estimates of -$0.31 by $0.07, posting earnings of -$0.24 per share.

The stock is an undervalued hypergrowth company, one of the most profitable in the current EV climate. Lucid has huge scope for growth in revenue, and more often than not, has demonstrated strong fundamentals. Furthermore, the company has recently unveiled plans to launch a new SUV which is expected to go into production next year. Due to the aforementioned factors, the company’s revenue is likely to increase substantially in the coming years, and at its current valuation, Lucid is an ideal pick for the right investor.

4. ABB Ltd. (NYSE:ABB)

Hedge Fund Holdings: 16

Headquartered in Zurich, Switzerland, ABB Ltd. is a Swedish-Swiss multinational automation corporation which specializes in the manufacture of major electrical equipment, robotics, and other automation technology. The company is a world leader in electric vehicle infrastructure, and offers a variety of EV charging solutions, including the ABB E-Mobility portfolio.

ABB Ltd. posted stellar third-quarter results, generating above-average revenue and consistent growth with respect to the previous quarter, as well as the most favorable margins in years. Although the macro headwinds are worrisome, with short-cycle demand expected to slump in 2023, the stock is extremely well-leveraged to considerable growth opportunities be it in electrification, decarbonization, or automation. ABB is also considerably undervalued, presenting an excellent buying opportunity for value investors looking to shield themselves from the grim macroeconomic outlook.

Artisan Partners explained the drop in ABB’s (NYSE:ABB) share price in their Q2 2022 investor letter, a copy of which can be obtained here. This is what they had to say:

“ABB Ltd (NYSE:ABB) is a Swiss-based industrial conglomerate that manufactures electronic products and equipment. There is no new significant fundamental news on the company. We believe the share price decline relates to negative sentiment associated with industrial companies.”

3. Allego N.V. (NYSE:ALLG)

Hedge Fund Holdings: 18

Based in the Netherlands, Allego N.V. (NYSE:ALLG) is a Dutch company engaged in providing charging solutions for electric vehicles, including cars, buses, and trucks. The company’s services are primarily limited to Europe, with charging solutions connected to Allego’s (NYSE:ALLG) proprietary platform, EV-Cloud. The company has installed charging stations in more than 11,800 charging areas across Europe.

On November 25, Cowen analyst Gabe Daoud lowered the price target on Allego to $4 from $10, maintaining an Outperform rating on the shares. According to the analyst, the Q3 revenue missing consensus is likely due to underestimated seasonality; focus should remain on Q3 2022 EBITDA which was perfectly in line with consensus estimates. Daoud also reiterated that Allego operates in a huge market space, where it has immense potential and opportunity to deliver strong growth. And as turbulence within the macroeconomic climate shows no signs of receding, the company’s attractive business model supported by strong marketing and growth strategies can offer shelter to investors.

2. XPeng Inc. (NYSE:XPEV)

Hedge Fund Holdings: 20

Headquartered in Guangzhou, XPeng Inc. (NYSE:XPEV) is a Chinese EV manufacturer which also focuses on the development of driver aid software and charging networks. XPeng’s (NYSE:XPEV) charging network has expanded to over 1000 charging stations within China and XPeng vehicle users have access to more than 200,000 third party stations, which the company is in contractual partnerships with. By 2025, the company intends on having more than 2000 super-fast charging stations across China.

On November 28, DBS Bank initiated coverage of XPeng Inc. shares with a Buy rating and a $6.18 price target. The bank states that although investor sentiment around the stock is unfavorable due to recent sales weaknesses, XPeng has strongly improved on its internal management and product lineup, which is likely to drive monthly sales volume from 5000 units in October to more than 10,000 per month in 2023. This is also due personnel reshuffles and product adjustments. The company has good long-term prospects supported by an expanding product offering. Q3 2022 was a decent quarter, especially when the COVID-related restrictions are considered. This situation is expected to improve in the coming weeks. Furthermore, the upside potential on the stock is exceptional as the company continues to execute well on its growth strategy.

1. Tesla Inc. (NASDAQ:TSLA)

Hedge Fund Holdings: 88

Based in Austin, Texas, Tesla Inc. is an American multinational automotive and clean energy company. The company specializes in the design, manufacture and distribution of electric vehicles, battery energy storage, solar panels and Supercharging stations. According to recent data, Tesla operates more than 36,000 Superchargers in nearly 4000 stations across the world. In Q3 2022, the company posted an EPS of $1.05, beating estimates of $0.99 by $0.06. Hedge fund sentiment around Tesla Inc. has grown more favorable in Q3 2022, with 88 hedge funds long the stock, compared to 73 in the preceding quarter.

On December 5, Piper Sandler analyst Alexander Potter reiterated an Overweight rating and a $340 price target on Tesla Inc.. According to the analyst, the stock has a non-linear growth curve and a winner-take-all potential. Furthermore, the company’s FSD and robotics have the potential to cultivate significant growth. And although the company’s Q3 2022 returns were well in-line with consensus expectations, they were both stronger and of higher quality as compared to Potter’s expectations. The analyst expects that Tesla is well-leveraged to deliver record Q4 2022 earnings, as its factories continue to scale globally.

Here is what Alger Capital had to say about Tesla Inc. in their Q3 2022 investor letter:

“Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer with a significant technological lead in its large and rapidly growing addressable market. Shares outperformed during the quarter despite COVID-19 shutdowns at the company’s shanghai production plant early in the period. During this quarter, the company also ramped up production at its newer Germany and Texas plants. While investors were aware of these challenging variables, the company’s quarterly results exceeded expectations thanks to lower-than-expected operating expenses. Investors are aware that ramping up electric vehicle production is challenging and recognize it’s difficult to estimate production rates.”

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