EV Charging Companies Face Investor Skepticism Amid Falling Profits

Economic Uncertainty and Potential Competition from Tesla Add to Industry Challenges

Electric vehicle (EV) charging companies, including ChargePoint, Blink Charging and EVgo, have seen their share prices drop significantly this year, with investors growing weary of the industry's lack of profitability.
Despite the increase in EVs on the road, selling electricity to motorists isn't driving revenue as use rates are relatively low.
Companies are concerned about Tesla opening its popular charging network to other drivers in 2024, which could further impact their profitability.
Due to economic uncertainty, places that might offer EV charging as an amenity, such as offices, hotels, and shopping centers, are delaying the installation of such equipment.
The Biden administration's plans to develop 500,000 charging stations falls short of the 700,000 that would be needed if 40% of American automobiles were EVs.