This July, some of the hottest investment opportunities lie in EV charging stocks. Their potential to drive gains is robust, and getting a leg up on understanding this space could prove advantageous. AI technology has also identified certain EV charging stocks as having growth potential.
To identify these EV charging stocks, I asked Google’s AI chatbot Bard a simple question. What are the best EV charging stocks to buy for July? Upon receiving the query, the AI chatbot presented me with three potential options to examine.
We will delve into these options and analyze how they align with your aspirations of constructing a high-quality portfolio of EV stocks.
Tesla (TSLA)
Investing in the electric vehicle market has been likened to a rollercoaster ride, teeming with electrifying highs and unexpected lows. Yet, there is one name that continues to deliver remarkable growth: Tesla (NASDAQ:TSLA). As we charge through the second half of July, it’s worth noting that Tesla boasts an extensive network of EV charging stations. These charging stations are strategically peppered around the world.
Tesla is a promising contender in the high-potential EV charging stocks category. Its blending of technology, market acumen, and infrastructural prowess makes Tesla a compelling talking point.
But let’s not just lean on potential alone. Instead, allow the hard numbers to amplify the story. So far in 2023, Tesla’s year-to-date return stands at a jaw-dropping 170%. Furthermore, Tesla’s Q1 2023 earnings report radiates positivity, with revenues climbing by 24%.
Here’s to the future, where green is the new gold, and companies like Tesla lead the charge.
ChargePoint Holdings (CHPT)
Among the high-potential EV charging stocks to consider, ChargePoint Holdings (NYSE:CHPT) stands out. The company’s latest earnings report showcased encouraging figures, with revenue reaching $130 million, a significant increase of 59% year-over-year.
Additionally, ChargePoint’s recent announcement of offering connectors for Tesla’s charging standard further solidifies its position in the market. These developments will likely contribute positively to the company’s revenue growth and enhance its overall value proposition.
As the electric vehicle industry surges, ChargePoint Holdings remains an AI-recommended EV charging stock. Investors should watch it closely for potential long-term gains.
EVgo (EVGO)
As July revs its engines, savvy investors chart new territories within the high-potential EV charging market. One intriguing contender is EVgo (NASDAQ:EVGO), a trailblazer in the EV charging realm. Notwithstanding its year-long slump of 41%, there’s more to EVgo than meets the eye.
This American-based powerhouse has flexed its financial muscles with a striking Q1 earnings report. Revenue rose dramatically by 229% year-over-year to $25.3 million. Despite grappling with a net income loss, the report exceeded EPS estimates by a hefty 175%.
At the same time, EVgo has been widening its scope with a solid plan to intensify its deployment of NACS, an intelligent strategic decision in light of Tesla’s Supercharger advancements. In June, EVgo disclosed that it will incorporate North American Charging Standard connectors into its nationwide fast-charging network. This comes after the declaration from several leading automakers that they will begin using Tesla’s NACS standard.
This AI-recommended EV charging stock is certainly worth your radar sweep this July. Keep an eye on EVgo as it is set to ride the EV wave into a promising future.
On the publication date, Faizan Farooque did not hold (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 InvestorPlace.com Publishing Guidelines.
