Best EV Charging Stocks 2024: 3 Names to Add to Your Must-Buy LIst


  • Grab the best EV charging stocks while they are at oversold levels.
  • Blink Charging (BLNK): Robust revenue growth is likely to sustain.
  • Wallbox (WBX): The rapid deployment of DC fast-charger network is expected to boost revenue growth.
  • Beam Global (BEEM): It boasts sturdy revenue growth with a healthy pipeline of orders.
best EV charging - Best EV Charging Stocks 2024: 3 Names to Add to Your Must-Buy LIst

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Electric vehicle charging infrastructure providers have been depressed for an extended period. Even with positive industry tailwinds for the long term, the best EV charging stocks have trended lower. The reasons include growing competition and cash burn. However, after a deep correction, most EV charging stocks look undervalued. Therefore, it’s a good time to consider some exposure to the best EV charging stocks.

In fact, estimates say the number of charging points in the U.S. will increase from four million in 2022 to 35 million by the end of the decade. For the EU, it’s estimated that an average of 6,000 EV charging points need to be installed weekly between 2021 and 2030.

Finally, most EV charging companies are still at an early-growth stage. If the execution remains good, some of the best EV charging stocks will be 10x or 20x by the end of the decade.

Let’s talk about three EV charging stocks that are worth buying before the year ends.

Blink Charging (BLNK)

a blink charging station, BLNK stock
Source: David Tonelson/

After trading at lows of $2.2 in October, Blink Charging (NASDAQ:BLNK) stock has been in a comeback mode. At current levels of $3.6, BLNK stock is already higher by 60%. So, the rally from deeply oversold levels may sustain in 2024.

Also, Blink Charging is on a high-growth trajectory. For Q3 2023, the company reported revenue growth of 152% on a year-over-year (YOY) basis to $43.4 million. However, with presence in the U.S. and Europe, stellar revenue growth doesn’t surprise.

The concern for the markets was cash burn. However, this challenge will be addressed in 2024 and beyond, making it the biggest reason to be bullish on BLNK stock. The company is targeting adjusted EBITDA break-even by December 2024.

With growth in the product portfolio (DC fast chargers) coupled with gradual increase in recurring revenue (subscription-based), margin expansion is likely. Therefore, Blink Charging is an attractive buy at current levels.

Wallbox (WBX)

An iPhone screen with the Wallbox (WBX) logo on it in front of a computer screen.
Source: Wirestock Creators /

Wallbox (NYSE:WBX) is yet another cheap EV charging stock that has been depressed for an extended period. Investors could expect 100% returns next year from current levels of $2.

Fundamentally, there are two reasons to be bullish. First, Wallbox reported revenue of 32.5 million euros for Q3 2023. For the same period, gross margin expanded by 530 basis points to 35%. The company has successfully met cost reduction targets. So, expect margin improvement to sustain through 2024.

Further, the company’s DC public charging network reported 350% revenue growth YOY for Q3. Wallbox’s fast-charging network is likely to help in accelerating growth. In November, WBX partnered with Alante to deploy the largest EV fast-charging network in Southern Europe. Clearly, this is likely to support revenue growth acceleration.

Beam Global (BEEM)

Two electric vehicles facing a dark sky, sunset background with one EV hooked up to an EV charger in between the two cars

Beam Global (NASDAQ:BEEM) is the final stock that has witnessed a deep correction for year to date (YTD). However, it has stabilized in the last one month, indicating a possible impending rally from current levels.

Specifically, Beam Global is a developer, manufacturer, and seller of renewably energized products for EV charging infrastructure and energy storage and security. A key product of the company is EV autonomous renewable charger (EV ARC).

Importantly, the company’s infrastructure products support all brands of EV chargers. BEEM is already providing its creations to Blink Charging and ChargePoint (NYSE:CHPT). As these companies grow, Beam Global is positioned to benefit.

For Q3 2023, BEEM reported revenue of $16.5 million, which was higher by 149% YOY. The company’s EV ARC deployment surged by 295% for the comparable period. And as of September, it reported a backlog of $31 million and a potential order pipeline of $112 million. Hence, this provides healthy revenue growth visibility.

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.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.

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