Is Now The Time To Buy These Top EV Charging Stocks?
Despite the broader stock market taking a breather from its recent hot streak, electric vehicle (EV) charging stocks continue to shine. After all, most would argue that the general shift towards all-electric automobiles is inevitable. This would be the case as nations across the globe look to reduce their carbon emissions in response to growing environmental issues. For instance, the U.S. is now looking to invest billions towards EV infrastructure nationwide, this would include EV charging stations. Ideally, this will support the general adoption of EVs among consumers and increase addressable markets for EV charging services. Given the EV industry’s current growth potential, EV charging stocks could be worth watching now.
To begin with, we could look at the likes of ChargePoint Holdings (NYSE: CHPT). In the past year, CHPT stock is looking at gains of over 130% despite the recent volatility in the market. At the same time, ChargePoint is actively working towards expanding its charging portfolio in both the domestic and international markets. This is evident given its recent fleet management solutions and ongoing deal with Mercedes. Meanwhile, companies such as Volta Charging continue to find new ways to monetize EV charging infrastructure as well. Namely, the company’s unique charging stations boasting large digital displays are now being used by Bloomberg to feature content. While Volta has yet to go public via its SPAC merger with the Tortoise Acquisition II Corporation (NYSE: SNPR), investors may want to keep an eye on it.
Across the board, EV companies and EV investors remain as active as ever. Having read all of this, you might be keen on the sector yourself. Should that be the case, here are three names to know in the stock market today.
Best EV Charging Stocks To Buy [Or Sell] This Week
- Blink Charging Company (NASDAQ: BLNK)
- Tesla Inc. (NASDAQ: TSLA)
- Nio Inc. (NYSE: NIO)
Blink Charging Company
For starters, we will be taking a look at the Blink Charging Company. In short, it is an up-and-coming name in the EV charging industry today. For a sense of scale, the company currently operates and maintains over 30,000 charging ports across 13 countries. Additionally, most of Blink’s charging stations are linked via its global network, allowing users to seamlessly charge at any of its locations worldwide. With the hype around EV charging stocks building, I could see investors eyeing BLNK stock now. Evidently, the company’s shares are already sitting on gains of over 380% in the past year.
If anything, Blink does not seem to be resting on its laurels just yet. We can see this as the company continues to make strategic partnerships even now. As of yesterday, the Traffic and Parking Control Company (TAPCO) is now working with Blink. Basically, TAPCO is an official distributor of Blink’s EV charging stations in the U.S. Through the current deal, TAPCO now sells the full spectrum of Blink’s offerings which include its IQ 200-M portable EV charger among various other models. Notably, this move would synergize well with Blink’s business strategy given TAPCO’s experience in the traffic and parking solutions industry. Furthermore, the company is also working with KU Leuven, one of Europe’s leading research universities, to install over 500 stations across Belgium. The four-year sales contract is valued at about $1.8 million.
Overall, Blink continues to make the most of EV market trends and seems to be keeping up with the competition. Arguably, the company’s current head-start in this budding industry could put it in a good position in the long run. Given all of this, would you consider BLNK stock a top EV charging stock buy now?
Read More
Tesla Inc.
Another name to know in the EV charging industry now would be Tesla Inc., the EV giant. With its current lead over the EV market, most would consider TSLA stock a go-to EV stock now. However, the company’s work in the EV charging business should not be overlooked as well. After all, as a pioneer in the space, it would have experience in EV charging tech. Because of all this, TSLA stock could stand to benefit from overall EV charging stock trends as well.
Similar to other EV names in the industry, TSLA stock skyrocketed in 2020 amidst the pandemic. In fact, even after its recent dips, the company’s shares are still looking at gains of over 650% since its pandemic era low. With signs of another wave of coronavirus incoming, some would argue that TSLA stock among other EV stocks could see a comeback. Market conditions aside, Tesla also seems to be hard at work on the EV charging front. Just last week, CEO Elon Musk revealed that the company is looking to upgrade its best fast chargers to facilitate charging up to 300 kW. This would be a 20% increase on top of its current peak network charging speed. Moreover, the company continues to expand the network globally as well. Late last month, Tesla reportedly opened a solar-powered charging station in Lhasa, Tibet.
If all that wasn’t enough, the company recently revealed a new subscription package for its self-driving EV solutions. Now, instead of paying $10,000 upfront for the feature in its automobile, customers can test out Tesla’s autonomous driving tech for $199 a month. Given all this exciting news around the company, would you consider adding TSLA stock to your portfolio now?
[Read More] 4 Artificial Intelligence Stocks To Watch Right Now
Nio Inc.
Following that, we have one of the major EV players in the Chinese market, Nio Inc. Sure, most would not immediately associate Nio with EV charging, but the company is making moves in the space, nonetheless. Before going into the details, newer investors may need a brief overview of what Nio does. In brief, the company is a manufacturer of smart EVs that also boast autonomous driving capabilities. Like most of its EV manufacturing peers, NIO stock is still looking at massive gains of over 230% in the past year despite the recent sell-offs.
Now, in terms of EV charging solutions, Nio offers a unique approach. For the uninitiated, the company is now looking to implement 4,000 battery swapping stations globally through 2025. Through its battery swapping services, Nio offers EV owners a quick and easy alternative to conventional charging stations. This would be the case as the company offers pre-charged batteries, letting consumers avoid charge waiting time overall. According to President Qin Lihong, Nio aims to set up 700 of these stations by the end of the year.
By and large, EV trends in China persist regardless of pandemic conditions. According to analysts from Deutsche Bank (NYSE: DB), EV sales in the region are already likely to double this year. With Nio firing on all cylinders now, we could be looking at exciting times ahead for the company. Would you say the same for NIO stock?
