In the United States, electric vehicle (EV) sales have hit a slowdown. However, across the ocean in Europe, the EV industry is experiencing significant growth and countries like France and Denmark are making substantial investments in developing EV charging infrastructure. While this news may not be directly impacting US EV stocks, it is a positive sign for the industry as a whole.
France currently has over 1.6 million EV charging points, with the majority located in homes and businesses, while only 7% are public. The French government plans to increase the tax credit for home charging units, signaling their commitment to expanding EV infrastructure.
Denmark’s Transport Ministry has also announced a €91.5 million investment to build 25 charging stations for heavy transport, with the first fast charging locations for electric trucks set to be operational by 2025.
This increasing adoption of EVs in Europe is excellent news for EV charging companies with an international presence. The trend of expanding EV infrastructure globally is what can help these companies thrive. While there has been some positive news for EV charging stocks in the US, such as the Democratic Party sweeping legislative elections, resulting in a more environmentally-friendly political landscape, the real growth opportunity lies in the global market.
Now let’s take a closer look at three of the best EV charging stocks to consider as EV adoption continues to rise worldwide.
ChargePoint is the leader in the EV charging industry and despite facing challenges in 2023, the company has a strong presence in the European market, with its technology being utilized in countries like France, Denmark, the United Kingdom, Italy, and Spain. Wall Street analysts remain bullish on the company’s stock, with a consensus price target of $9.79.
Blink Charging (BLNK)
Blink Charging has also faced difficulties in the market this year, but it has recently gained the attention of Wall Street analysts due to its upside potential. The company’s CEO predicts continued global growth in EV adoption, and its strong financials, including significant revenue increases, make it an attractive investment opportunity.
Beam Global (BEEM)
Beam Global, based in San Diego, California, is a key player in the clean energy revolution. The company manufactures EV charging technology, energy storage solutions, and more. Beam Global has expanded into European markets and acquired energy infrastructure manufacturer Amiga DOO Kraljevo. It has also received key battery technology patents from India and China. While Beam Global may not receive as much attention as other EV charging stocks, its impressive earnings and focus on growth make it a company to watch.
With Europe’s push for EV adoption and the development of EV charging infrastructure, these three stocks are poised for growth in the coming years.
1. Why is Europe investing in developing EV charging infrastructure?
Europe is investing in developing EV charging infrastructure to support the increasing adoption of electric vehicles. By expanding the number of charging stations and making them more easily accessible, European countries aim to encourage EV ownership and enable long-distance travel for EV drivers.
2. How does Europe’s push for EV adoption impact EV charging stocks?
Europe’s push for EV adoption is positive news for EV charging stocks, especially those with an international presence. As EV sales increase and the demand for charging infrastructure grows, these companies have the opportunity to expand their business and generate higher revenues.
3. Why are ChargePoint, Blink Charging, and Beam Global considered the best EV charging stocks?
ChargePoint, Blink Charging, and Beam Global are considered the best EV charging stocks because of their strong market presence, international expansion, and solid financial performance. These companies are well-positioned to benefit from the growing EV market and the increasing demand for EV charging infrastructure, making them attractive investments for investors seeking exposure to the EV industry.