It’s been an unpleasant year for EV charging stocks, which is an understatement. Some of the best EV charging stocks have plunged for a year to date. The reasons include intense competition, cash burn, and the likelihood of equity dilution. However, it seems that stocks have discounted the concerns. The next year can potentially be represented by stock consolidation and potential upside.

Coming to the industry potential, the U.S. is expected to have 33 million EVs on the road by 2030. To support this, the nation would need 28 million charging ports. Similarly, Europe will require an investment of 280 billion by 2030 to install charging points, upgrade the power grid, and build renewable energy capacity for EV charging.

Therefore, the market potential is huge, and even with intense competition, the best EV charging companies are likely to grow. Considering the deep correction in the last 12 months, it’s also the best time to buy EV charging stocks for multibagger returns.

Let’s discuss three names that look attractive.

Tesla (TSLA)

Tesla (NASDAQ:TSLA) stock has made a strong comeback with an upside of 118% for year-to-date. As an innovator, Tesla will continue to maintain dominance in the EV market. Further, as Tesla spreads its wings, new segments will drive growth in the coming years.

The Company’s EV charging network is one attractive business segment. Currently, Tesla owns a network of 50,000 Superchargers. With high financial flexibility, the Supercharger network growth will likely be aggressive.

To put things into perspective, the Tesla Supercharger network will likely be a $10 to $20 billion business by 2030. This would roughly imply 3% to 6% of the company’s total revenue. Therefore, the segment will have a considerable impact on cash flows and valuation.

It’s worth noting that Tesla recently received $150 million in funding from the European Union for supercharger network expansion. Besides a strong network in the United States, European expansion will boost the segment growth.

Blink Charging (BLNK)

Blink Charging (NASDAQ:BLNK) stock has surged by 45% in the last month. The rally from oversold levels has been on the back of positive business developments. I expect BLNK stock to remain in an uptrend in the coming quarters.

For Q3 2023, Blink reported stellar revenue growth of 152% on a year-on-year basis to $43.4 million. The Company also reported a 175-basis point expansion in gross margin to 29.5%. Further, the Company has raised the revenue target to $131 million for the coming year with a gross margin of more than 30%. Blink also expects a positively adjusted EBITDA by December 2024. With these positives, I am bullish on the stock.

It’s worth noting that for the first nine months of 2023, Blink reported revenue of $27 million from DC fast chargers. As the Company’s product portfolio expands, revenue growth will likely remain stellar. Increasing presence in Europe will also boost growth.

ChargePoint Holdings (CHPT)

ChargePoint Holdings (NYSE:CHPT) stock has corrected by 80% for the year to date. Without a doubt, it’s a high-risk bet, but I do see some positives on the horizon.

The first point is that ChargePoint has guided for positive adjusted EBITDA Q4 2024. If the coming quarters point to improving margins, I expect CHPT stock to trend higher.

Further, as of October, ChargePoint reported cash and equivalents of $397 million. The Company also has an undrawn credit facility of $150 million. With a liquidity buffer of $547 million, cash burn in the coming quarters can be navigated. ChargePoint is also positioned to pursue aggressive expansion of its charging network.

Another point to note is that as the number of charging stations installed increases, subscription (recurring) revenue will swell. This is likely to have a positive impact on EBITDA margin. I must add in the end that ChargePoint has a presence in the U.S. and Europe. The addressable market is significant, and revenue growth is likely to remain robust.

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 InvestorPlace.com Publishing Guidelines.