The electric vehicle industry continues to be confronted by many negative factors. That has sent EV charging stocks much lower throughout 2023. Several of the world’s leading names have seen their share prices suffer dramatic falls.

 Meanwhile, upstart firms in the space continue to make progress, making equity in those firms particularly attractive. Beyond that, established firms in the space continue to make inroads into the EV infrastructure sector. There’s plenty of reason to continue to believe in the space. Governments continue to subsidize the build-out of EV charging infrastructure. and electric vehicles are here to stay. A dollar invested today certainly has the potential to multiply and value.

ChargePoint (CHPT)

Few firms have suffered as much as ChargePoint (NYSE:CHPT) has in 2023. The cost of developing electric vehicle charging infrastructure is particularly high, introducing risk to the company and its operating model.

So, the company faces significant trouble when broader troubles affect its industry. That’s essentially what’s happened to ChargePoint, particularly in the most recent quarter. The company faces multiple pressures, leading to a drastic decrease in demand. As a result, the company has had to drastically decrease its revenue guidance relative to previous expectations. 

That has broadly been the story for the company and its stock throughout 2023, and share prices have fallen from $10 to $2. All of that said, there is a silver lining in this gray cloud. ChargePoint Remains the leader in EV charging stations and EV charging infrastructure overall. It continues to have a strong first-mover advantage that makes it a contrarian pick in the space. At such a low price, it’s very hard to argue against the company right now.

Tesla (TSLA)

There’s little arguing against the notion that Tesla (NASDAQ:TSLA)  is the best EV stock overall. The company continues to be a pioneering force in the tech industry and, of course, in the electric vehicle space.

Tesla’s Model 3, Model S, Model Y, and cybertruck continue to define the EV space. the company has had to lower its prices multiple times throughout 20-23 in an effort to capture greater Market share. based on recent earnings performance, it’s easy to suggest that Tesla continues to be a well-run company. Tesla continues to focus on reducing the cost of goods per unit sold and investing in AI, among other things. This then makes it one of those EV charging stocks to consider.

Until recently, Tesla’s charging network was essentially off-limits to manufacturers of other vehicles. That’s changing. Tesla is opening its charging network, and other manufacturers are anticipated to be able to use Tesla superchargers beginning in 2024. It is but one more reason to consider investing in Tesla.

EVgo (EVGO)

EVgo (NASDAQ:EVGO) operates a direct current fast charging network And is one of many potential disruptors in the EV infrastructure space. Its stock is inexpensive and continues to hold lots of potential based on analyst target prices.

The company continues to make massive fundamental strides. In the third quarter, EVgo’s revenues grew by 234%, reaching $35.1 million. That impressive growth allowed the company to transition from a GAAP loss to GAAP profitability profitability. The company still produces significant net losses; however, those losses narrowed by 45% during the period. 

The company currently boasts 785,000 customer accounts, 106,000 of which were added during the third quarter. The company’s DC fast charging stations are in $950 locations across the United States. 145 million Americans are within 10 miles of one of its charging stations. The company also boasts 10 OEM partners spanning the biggest names in the automotive industry.

On the date of publication, Alex Sirois 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 InvestorPlace.com Publishing Guidelines.