The 3 Best EV Charging Stocks to Buy in January 2024

Stocks to buy

Last year, even the best EV charging stocks have not been wealth creators. On the other hand, factors like cash burn and competition have translated into weakness in EV charging stocks. However, there is no doubt the best part of growth is still to come. I, therefore, consider the EV charging infrastructure a big investment theme for 2024 and beyond.

To put things into perspective, the number of AC and DC EV chargers installed globally was three million in 2019. By the end of last year, the installed charters increased five-fold to 15 million. These are still early stages of growth, with the number of AC and DC chargers expected to swell to 70 million by 2030.

Besides China, the biggest markets in terms of EV charger installation will likely be the United States and Europe. As an example, an investment of $31 billion to $55 billion will be required in the U.S. to meet the charging infrastructure target by 2030. Considering the impending growth, it’s still a good time to consider exposure to some of the best EV charging stocks.

Blink Charging (BLNK)

a blink charging station, BLNK stock

Source: David Tonelson/

Blink Charging (NASDAQ:BLNK) stock at $2.82 looks undervalued and positioned for a sustained reversal in the coming quarters. It’s worth mentioning here that BLNK stock has a short interest that’s 29% of the free float. A big short-squeeze rally seems likely backed by positive business and financial metrics.

From a financial perspective, there are two points to note. First, Blink reported revenue growth of 152% on a year-on-year (YoY) basis to $43.4 million. Considering the potential for penetration, I believe that stellar revenue growth will sustain.

Further, Blink Charging guided for an adjusted EBITDA break-even run rate by December 2024. That is the first step towards profitability and potential upside in cash flows. With a healthy upside in product and services (recurring) revenue, I am positive about continued improvement in EBITDA margin.

Another point to note is that the company generated $27 million in revenue from DC fast chargers during the first nine months of 2023. As the product portfolio expands, there is headroom for incremental growth and margin expansion.

Wallbox (WBX)

A photo of the WallBox logo in front of a car.

Source: Wirestock Creators /

Wallbox (NYSE:WBX) is another beaten-down EV charging stock seemingly poised for a potential reversal. It’s worth noting that Wallbox has a strong presence in North America and Europe. Further, as a vertically integrated company, I expect significant improvement in margins with operating leverage.

In North America, the company has a 250,000-unit manufacturing capability in Texas. Further, Wallbox has a 750,000-unit in-house manufacturing capacity in Europe.

In November, the company joined hands with Atlante to deploy the largest EV fast-charging network in Southern Europe. The target is to install over 35,000 EV chargers by 2030 across Spain, Italy, France and Portugal. In the U.K., Wallbox stitched a strategic partnership with Osprey — 125 Supernova DC rapid charger units. With its partnerships, Wallbox is positioned for aggressive expansion in multiple countries. That will translate into accelerated revenue growth and EBITDA margin improvement.


An image of two Evgo, Inc. (EVGO) charging stations

Source: Tada Images /

EVgo (NASDAQ:EVGO) stock is another possible value creator among the best EV charging stocks. Like most of the emerging names in the industry, EVGO stock witnessed a deep correction. However, it seems that the worst is over.

For EVgo, revenue growth has not been a concern. For Q3 2023, the company reported a 234% YoY growth to $35.1 million. At the end of the quarter, approximately 3,400 stalls were in operation or under construction. The construction backlog adds to its revenue visibility.

In November, EVgo announced an “innovative prefabrication approach to new station installation.” That move will likely cut “installation time in half and save an average of 15% in station construction costs.” Therefore, it’s likely that EVgo will be positioned to ramp up the number of charging stations installed in the coming quarters. At the same time, EBITDA margin will be positively impacted.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.