Top Ways to Trade Substantial Charging Demand - 5/24

Keep an eye on electric vehicle charging stocks. At the moment, electric vehicle sales are outpacing the growth of EV charging stations. In 2023, U.S. consumers bought about 1.2 million EVs, which accounted for about seven percent of total new car sales, says The Washington Post. 

“Between 2016 and 2023, EV registrations in the United States grew almost three times faster than the United States’ public charging infrastructure. In 2016, there were seven electric cars for each public charging point; today, there’s more than 20 electric cars per charger.”

Moving forward, analysts at McKinsey say we’ll need about 28 million charge ports by 2030.

With that growing demand, keep an eye on charging stocks such as: Company: EVgo (SYM: EVGO) CEO Badar Khan just bought 125,000 shares of the EV charging stock for about $251,250. Earnings are showing signs of improvement. In its first quarter, the company posted an EBITDA loss of $7.2 million on sales of $55.2 million. Analysts were looking for a loss of $13.3 million on sales of $45.2 million. It also expects to achieve breakeven adjusted EBITDA by 2025.