Plug Into Profits: 3 EV Charging Stocks to Buy as 2023 Ends


  • Below are 3 EV charging stocks you’ll regret not buying before the end of 2023. 
  • EVGO (EVGO): Arguably, this is the best small-cap bet on the EV Charging boom. 
  • Tesla (TSLA): Owns and operates the largest fast-charging network in the world.
  • ON Semiconductor Corporation (ON): The Silicon carbide market drives the EV charging industry forward.
EV Charging Stocks - Plug Into Profits: 3 EV Charging Stocks to Buy as 2023 Ends


Pursuing sustainable solutions becomes paramount as the world tackles the growing pains of climate change. This is where EV charging stocks come in, serving as the backbone of the electric vehicle (EV) industry. With governments prioritizing the reduction of GHG emissions, the demand for electric vehicles will continue to soar for the foreseeable future. 

This market not only addresses ongoing environmental concerns but also fuels the growth of the electric vehicle sector. While this market opportunity is quite large, inherent risks cannot be ignored. One is the build-out of EV charging networks, which can be extremely capital-intensive. Luckily, the Inflation Reduction Act will be able to solve some of these ongoing pain points. 

Now, let’s look at my top three EV charging stocks to buy as 2023 ends!


Electric car backlit by cyan blue neon light next to EV charger with cyan blue light and lightning bolt symbol, all against a black background. ev stocks to sell now

EVgo (NASDAQ:EVGO) is an American-based electric vehicle charging company headquartered in Los Angeles, California. As of November 2023, the company had approximately 3,400 fast-charging stalls in operation or under construction. 

EVgo has had a great fiscal year thus far, driven by strong execution and YOY revenue growth. What separates EVgo as a growth company from its competition is that the management team is extremely cognizant of CAPEX spending. The EV charging sector is still in its infancy stages of growth, and infrastructure to build out EV charging networks can be extremely expensive. This was the case in 2023, as higher interest rates slowed down construction activity.

In Q3 2023, EVgo’s revenue skyrocketed 234% YOY to $34.1 million. Additionally, network throughput increased to 37 GHw, representing 208% growth. What is more impressive is EVgo’s execution in the quarter while cutting costs, as net loss improved by 26% from the same quarter last year. If you have some risk appetite, EVgo is one of the best EV charging stocks to buy before the end of 2023.

Tesla (TSLA)

Interior of the Tesla Model 3
Source: Khairil Azhar Junos/

Tesla (NASDAQ:TSLA) is the poster child in the electric vehicle industry. The company has pioneered the rapid adoption of EVs over the last decade. However, it is important to understand that Tesla is more than just a ‘’car company’’.

As of December 2023, Tesla owns and operates the world’s largest supercharger network for electric vehicles. With more than 50,000 superchargers worldwide, Tesla has pioneered EV charging network infrastructure. But that certainly isn’t the end of the story, and Tesla may very well be viewed as the ‘’standard’’ in the coming years. 

In June 2023, GM announced a partnership with Tesla, leveraging the company’s technology and supercharging network. This came after Ford’s (NYSE:F) partnership with Tesla; many other EV companies will likely follow suit. Their headstart on not only the electric vehicle industry but also the EV charging infrastructure serves as a symbol of their dominance in the marketplace.  

ON Semiconductor Corp (ON)

semiconductor stocks Close-up electronic circuit board. technology style concept. representing semiconductor stocks. top semiconductor stocks to buy now. chip stocks to sell
Source: Shutterstock

ON Semiconductor Corp (NASDAQ:ON) is up more than 20% in the past month as investors turn bullish on the silicon carbide market. The long-term growth of SiC modules is not one-dimensional, as it is set to serve the energy storage, EV, and renewable energy sectors. 

When investors think about a new emerging industry to invest in, they often forget about the pivotal technology behind it. While you can invest directly in companies that operate EV charging networks, key technology exists that will power the industry forward. That is where the Silicon Carbide (SiC) modules come in, providing the electrification for EV charging systems. 

More recently, ON Semi announced the completion of their new silicon carbide production facility in Bucheron, South Korea. This new expansion will be pivotal to expanding the EV charging industry over the next decade. If you’re looking for a safe bet on EV charging stocks to buy, ON Semi should definitely be one of the first places to look. 

On the date of publication, Terel Miles did not have (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.

Terel Miles is a contributing writer at, with more than seven years of experience investing in the financial markets.

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