The 2028 Millionaire’s Club: 3 EV Charging Stocks to Buy Now


  • Don’t miss out on your change to invest in the hot stocks that are essential for powering EVs.
  • Blink Charging (BLNK): Strong North American presence is coupled with expanding European ventures. 
  • Wallbox (WBX): Geographical expansion is likely to translate into accelerated growth.
  • Evgo (EVGO): Stellar top-line growth of 118% in Q1 pushes EVGO into the must-buy catagory.
EV charging stocks to buy - The 2028 Millionaire’s Club: 3 EV Charging Stocks to Buy Now

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There was a time when any stock even remotely related to the electric vehicle (EV) industry was skyrocketing.

Yet, sentiments have changed significantly with EV adoption being slower than expected. Factors of macroeconomic headwinds, higher interest rates and competition have dampened sentiments. However, for investors who remain bullish for the long term, it’s the best time to buy EV stocks. Are you curious about which EV charging stocks have millionaire-maker potential within the next five years?

Make note of the big players in the EV charging industry. For example, Tesla (NASDAQ:TSLA) has been aggressively expanding its supercharging network. But, emerging EV charging companies, even amidst intense competition, are positioned to survive and grow. The vastly addressable market has room for multiple players to flourish.

Therefore, let’s examine three EV charging stocks to buy and hold until 2028 for multibagger returns.

Blink Charging (BLNK)

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

Blink Charging (NASDAQ:BLNK) is among the emerging EV charging companies that are worth holding. After an extended period of correction, BLNK stock has been largely sideways in the last two quarters. This period has been associated with positive business developments. So, perhaps the stock has bottomed out.

Importantly, Blink Charging enjoys strong presence in North America while it expands into Europe. Thus, the addressable market is significant enough to expect healthy, sustainable top-line growth. For Q1 of 2024, the company reported revenue growth of 73% on a year-over-year (YOY) to $37.6 million.

Additionally, Blink Charging has guided for gross margin of 33% for 2024 and expects to achieve positive adjusted EBITDA by December. Further, the company’s service revenue growth shows robustness. As this revenue segment continues to grow on the back of an increase in number of charging stations installed, I expect sustained upside in EBITDA margin. Thus, the outlook is positive for BLNK in terms of growth and profitability.

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 another potential multibagger among EV charging stocks. Over a 12-month period, WBX stock plunged by 60%. However, if we look at the last six months, the stock has remained sideways. It’s a clear indication that the worst is over, and the stock price-action is in-sync with encouraging business developments.

For Q1 OF 2024, Wallbox reported revenue growth of 23% on a YOY to 43.1 million euros. With the acquisition of ABL, a German leader in EV charging, it’s likely that revenue growth will accelerate. Also, the company has plans to enter new geographies.

Additionally, Wallbox reported Q1 gross margin of 39.6% and adjusted EBITDA loss of 13.5 million euros. Backed by factors of operating leverage and cost cutting, Wallbox expects to be close to adjusted EBITDA breakeven by Q2. This is a big catalyst for WBX stock upside.

Evgo (EVGO)

EVgo fast charging station
Source: Sundry Photography /

Evgo (NASDAQ:EVGO) stock has disappointed with a sustained period of correction. However, the selling seems to be overdone, and EVGO stock looks undervalued at current levels of $2.1.

Also, Evgo has been delivering stellar numbers of terms of top-line growth. For Q1 of 2024, Evgo reported revenue growth of 118% on a YOY to $55.2 million. And, the company ended the quarter with 3,780 stalls in operation or under construction. With a robust pipeline of new instillations, it’s likely that revenue growth will remain strong.

However, EVGO has disappointed because of cash burn. And, for Q1 of 2024, the company reported adjusted EBITDA loss of $7.2 million. Yet, the good news is that Evgo has focused on operational efficiency.

As a result, the company expects to deliver adjusted EBITDA break-even in 2025. Depending on the margin improvement in the next few quarters, EVGO stock may trend higher. Further, with ample room for penetration, growth in the coming years, coupled with margin expansion, will create value.

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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