The Fed kept the interest rates unchanged and this has helped the market recover from the red. The earnings reports for several electric vehicle makers have been disappointing. Plus, they have cut down on their budgets to make EVs but this could be a temporary change. 

Due to higher interest rates and inflation, consumer spending was low and people are thinking twice about buying an EV. But keeping the government’s long-term goals in mind, one cannot overlook the fact that EVs will be mainstream a few years down the line.

Several EV makers have reported strong deliveries for October and while the EV hype might be slowing, it is not dying. This means there will be a steady demand for EV charging facilities and several early-stage companies have recognised this at the right time. 

If you do not want to invest in an EV stock, consider investing in these three best EV charging stocks for high returns.

Tesla (TSLA)

Call it an EV stock or an EV charging stock, Tesla (NASDAQ:TSLA) is the one to own. An industry leader with impressive financials, Tesla has recently opened its charging network for other automakers and it could be a game changer in the long term.

While we may not see the charging network contributing much to the revenue right now, it could make a solid difference in the long term. Tesla has recently agreed to sell its chargers to British Petroleum (NYSE: BP). 

As per the agreement, BP’s EV charging segment, BP Pulse will buy ultra-fast charging hardware units for $100 million. It is also the first time that a company will be using Tesla’s hardware for the charging network. With more companies joining Tesla’s charging networks, it will be able to generate revenue from an item that once used to be an expense.

That said, TSLA stock has been down since the company announced results and this makes it a solid chance to buy. Trading at $205, the stock is up 90% year-to-date and has lost about 18% of its value in the past month. It is trading much lower than the 52-week high of $299 which means there is plenty of upside potential. 

Tesla has a massive charging network across the U.S. with 50,000+ superchargers and if it expands to other countries, it could see a significant revenue flow from this segment. Ford (NYSE:F) is planning to add another 15,000 Tesla chargers to its EV charging network, up from the previous projection of 12,000 chargers. With an improvement in demand for EVs, the demand for charging stations will be on the rise and this is when your investment in the stock will start to pay off.

ChargePoint (CHPT)

While the market is predicting that the demand for EVs will drop in the coming months, the demand for EV chargers will remain steady. This is because the EV charging infrastructure has become a big necessity today and its demand is already high.

As the number of cars on the road increases, EV charging companies will make big money. One of the top players in the EV charging space is ChargePoint (NYSE:CHPT).

The company’s long-term potential looks bright and despite a slowdown in the EV space, ChargePoint is expected to continue growing. CHPT stock has dropped about 72% year-to-date and is trading close to $2.51 today. This drop makes it a strong buy. You will enjoy an early mover advantage with the investment. 

It recently launched a new set of tools for fleet management and is designed to help owners handle their fleets. It includes features like charging station management and mobility services. While it may not have an immediate impact on the finances, it will help the company remain relevant in the coming years. 

In the second quarter, it saw a 39% rise in revenue and hit $150 million and it expects to report revenue ranging between $150 million to $165 million in the third quarter. The company currently has more than 15,000 charging locations across the world and this is where it enjoys an edge over Tesla.

Since Tesla’s superchargers are only available in the U.S., ChargePoint has an opportunity to grab a wider market share globally. The company isn’t profitable yet but it does enjoy a solid position in the industry and it can become a bigger player in the coming years. 

Allego (ALLG)

Third on my list of the best EV charging stocks is Allego (NYSE:ALLG). The company is a charging solutions provider and has recently reported impressive financials. While the stock is trading as low as $1.46, it was as high as $18 in 2022.

It has dropped 52% YTD, but it certainly has the potential for a bright future. Allego already has a wide network of 35,000 charging points in 16 countries which means it is in a good place to benefit from the rising EV demand across the globe. 

In the recent quarter, it reported a healthy revenue growth of 34.6% and the revenue hit $166.39 million in 2022. One solid reason to bet on the stock is its backlog of 10,800 charging ports and once they are ready and operational, we could see higher revenue growth.

Allego is an early-stage company that is making big moves. While the investment isn’t without risks, the stock is available for cheap and it can certainly double your money. 

The strong rollout of the charging networks has also led to a high operational margin and if it can sustain it, there will be an improvement in its financial position. ALLG stock may not be available at a discount for long so grab it while you can. 

On the date of publication, Vandita Jadeja 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 InvestorPlace.com Publishing Guidelines.