The United States government has set aside $7.5 billion to build 500,000 public electric vehicle charging stations. Over the next few years, the investment is expected to create manufacturing employment in the United States and boost EV adoption. Following the signing of the infrastructure law, several EV charging stocks soared in mid-November. In 2019, the market for electric vehicle chargers was estimated to be worth $3.8 billion. By 2027, the industry will have grown at a CAGR of 26.8% to $25.5 billion. Government initiatives and the entry of EV charging providers are driving this trend.
Here’s Insider Monkey’s list of the 10 best EV charging stocks to buy now. Rivian Automotive, Inc. is a California-based electric vehicle company financed by Amazon. By 2023, the business hopes to have installed 3,500 fast chargers and 10,000 Level 2 chargers across North America. Beam Global is a cleantech firm that specializes in electric vehicle charging infrastructure. AbbVie, Johnson & Johnson, and Pfizer are among the company’s commercial clients. The company’s revenue increased by 63 percent to $2.02 million in the third quarter. Blink Charging Co. is one of the world’s major public electric vehicle charging network providers. The corporation installed 3,016 electric vehicle charging stations in the third quarter, up 351 percent from the previous year. In 13 countries, the company has approximately 30,000 charging stations. The business model of Volta Inc. has piqued the interest of investors. The company sells electric vehicle charging networks and provides marketers with digital ad screens. Overall revenues for Volta Inc. were $8.5 billion, up 77 percent from the prior year. Residential, fleet and commercial customers can use ChargePoint Holdings, Inc.’s EV charging services. At the end of September 2021, 18 of the 867 elite funds tracked by Insider Monkey reported owning shares in the California-based EV charging provider. For more details, click the 10 Best EV Charging Stocks To Buy Now.