EV charging stocks should be thriving this year as the number of electric vehicles in the United States jump. Americans bought about 1.4 million EVs in 2024, a trend that may keep growing in the coming years. Cox Automotive anticipates that EV sales will total about 10% of all vehicle sales this year.
EV charging stocks have plunged
However, the three most prominent EV stocks have plunged. EVgo stock price has crashed by over 66% from its highest level in 2024 and by 87% from its all-time high. Similarly, Blink Charging has become a penny stock as it crashed from over $64 in 2021 to $1.10 today.
Like Blink Charging, ChargePoint’s stock price plunged from $50 in 2021 to $0.83 today. These firms have crashed due to the high cost of deploying charging infrastructure, depreciation, and continued loss-making.
Investors have been irked by dilution, especially by ChargePoint, a company that issued a going concern in 2023. All these three stocks have become bargains, but one of them, EVgo seems like a real winner. Let’s explore why EVgo stock price may rebound soon.
Read more: 3 reasons why the EVgo stock price may surge 160% soon
EVgo business is doing well
EVgo is one of the best EV charging stocks to buy, thanks to its growing market share, partnerships, and its focus on profitability.
Its business has attracted over 1.2 million customer accounts who use its 1,100 locations each year. This is a strong figure for a company that was started a few years ago. Its network throughput has jumped from just 26 GWH to 247 GHW at the end of last year.
EVgo’s business is doing well as its evenue rose by 92% in the third quarter to $67.5 million. Its charging network revenue rose by 98% to $43.1 million.
Wall Street analysts believe that the company’s business will continue doing well and generating substantial revenue. The average revenue estimate for its fourth quarter to come in at $69 million, representing a 38% annual growth rate.
This growth rate means that EVgo’s annual revenue will be $258.6 million, followed by $361 million in the next financial year.
EVgo hopes that its business will more than triple by 2030. It will achieve that using a Department of Energy (DoE) loan of over $1 billion that it received from the Joe Biden administration.
The company also has a partnership with General Motors. It expanded its partnership in September last year, a move that will see the two deploying 400 fast charging stores at flagship destinations in major metropolitan areas. These stations will have 350kW chargers, security cameras, and lightings.
A key concern that has affected most EV stocks is dilution. EVgo ended the last quarter with about $153 million in cash and equivalents. While those funds are not enough, the DoE loan will help it prevent more dilution in the future.
Read more: Tesla dubbed ‘the best stock to short’ in 2025
EVgo stock price technicals point to a rebound
The daily chart shows that the EVgo share price has plummeted in the past few months, moving from a high of $9.05 in October to $3 today. It has moved below the crucial support at $3.22, the 78.2% Fibonacci Retracement level.
The stock has also formed a death cross pattern, a highly popular bearish sign in the market. All these are signs that the stock may keep falling.
On the positive side, EVgo stock price has formed a falling wedge chart pattern, a popular bullish reversal sign. This pattern comprises of two falling and converging trendlines.
Therefore, one can make a contrarian case for the EVgo stock price. The next potential catalyst for the stock is its earnings, which are set to happen on March 7.
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