EV charging stocks hit the brakes in November, down 21% over the past month, trailing both broader market indices and the EV sector average.
Yet, JPMorgan analyst Bill Peterson sees a bright spot in EVgo Inc (NASDAQ:EVGO), which continues to pull ahead of peers despite the industry’s sluggish growth.
EV Deployments: Running On Fumes
The U.S. EV market saw marginal progress last month, with EV penetration inching up to 8.8%. Total charging installations grew 1.5% month-over-month, but this represented a slowdown from October's 4.4% gain. Level 2 chargers lagged with just a 1.1% increase, while DC Fast chargers showed stronger momentum, rising 3.6%.
Still, the overall growth trajectory hints at persistent headwinds, particularly for commercial and fleet-charging deployments.
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EVgo Powers Ahead
Amid the challenges, EVgo has emerged as a standout performer. The company added 780 DC Fast ports year-to-date and is on track to meet its 800-port target for 2024. EVgo's stock has soared 72% YTD, fueled by its $1 billion Department of Energy loan, which provides a competitive edge through improved operating leverage.
In contrast, ChargePoint Holdings Inc (NYSE:CHPT) has struggled, down 50% YTD. Peterson notes that while ChargePoint's cost-cutting measures are positive, the company's unclear path to profitability casts a shadow over its prospects.
Tesla's Supercharger Dominance Intact
Tesla Inc's (NASDAQ:TSLA) Supercharger network remains the leader, holding 56.2% of the fast-charging market share despite trimming investments.
Electrify America and EVgo maintain smaller shares, at 9.1% and 7.2%, respectively, but EVgo's consistent growth and expanding customer base signal a shift in dynamics.
EVgo's Playbook For Success
Peterson is bullish on EVgo. He cites its ability to capitalize on higher utilization rates, extended charging sessions from rideshare users, and customer acquisition—including Tesla drivers.
Even if EV sales slow due to policy uncertainties, EVgo's scaling strategy positions it well to weather the storm.
For EVgo, the future looks electrifying. For the rest of the sector, the road ahead remains uncertain.
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