Ride the EV Wave: 3 Overlooked Stocks Fueling the Electric Vehicle Revolution


  • Overlooked EV stocks are prime picks as EV sales rise globally, hitting over 17 million units in 2024.
  • Blink Charging (BLNK): Product sales rose 68% in 2023, driven by increased demand for commercial chargers and new installations in Mexico and the U.K.
  • EVgo (EVGO): EVgo’s Q1 2024 revenue soared 118% year-over-year to $55.2 million, with network throughput hitting a record 53 GWh.
  • Panasonic (PCRFY): Panasonic invests $4 billion in a Kansas facility to supply Tesla (TSLA) with high-capacity lithium-ion batteries, creating 4,000 jobs.
overlooked EV stocks - Ride the EV Wave: 3 Overlooked Stocks Fueling the Electric Vehicle Revolution

Source: shutterstock.com/Larich

Overlooked EV stocks are an appealing investment case in 2024 since, by the end of a year that will also see a decrease in the benchmark interest rate, sales of electric vehicles will reach over 17 million units or more than 20% of all new automobiles sold globally. When comparing the first quarter of 2024 to the same time in 2023, EV sales increased by almost 25%, illustrating sound progress toward this goal.

By 2024, EV sales are expected to account for more than 11% of new vehicle sales in the U.S., but China remains the biggest market, accounting for around 60% of all EV sales worldwide.

In dollar terms, estimates peg the industry value at $623.3 billion, with forecasts for it to grow to $906.7 billion by 2028. Overlooked EV stocks are a great way to play this expanding market, especially with the prospects for interest rates going down this year, prompting further cash infusions into the stock market.

With upsides of 50% to over 100%, pick-and-shovel overlooked EV stocks are in a stronger position than out-and-out EV stocks since they haven’t profited as much from the Q1’24 rally. Although one rate drop this year is disappointing, we are in an election year, so additional domestic policy actions like the Inflation Reduction Act will lead to an outsized impact on these overlooked EV stocks.

Blink Charging (BLNK)

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

Blink Charging (NASDAQ:BLNK) stock is down 50% this year, despite its Q1 2024 quarterly loss of $0.13 per share being smaller than analysts’ $0.24 loss per share, and its revenues of $37.57 million topping analysts’ projection of $33.38 million by 12.55%.

Product sales for Blink Charging rose 68% to $27.5 million in 2023, increasing customer numbers buying commercial charges drove this surge.

Carsharing, network fees, and service charges drove a 72% increase in service revenues to $8.2 million as more people used Blink’s chargers locally and abroad and added carshare programs.

Besides the earnings beat, BYD’s (OTCMKTS:BYDDY) official dealership in Mexico Grupo Fame, selected Blink Charging for EV charging. Additionally, the dealership will install Blink Level 2 chargers and soon add DC fast chargers to boost its EV infrastructure.

In addition, Keystone Purchasing Network is hiring Blink Charging as its exclusive EV charging supplier.

On the product side, Blink Charging is integrating North American charge standard (NACS) connections to all its charging devices, making Blink’s chargers more user-friendly and compatible with more EV vehicles. Consensus views point to a potential 107% upside.


EVgo fast charging station
Source: Sundry Photography / Shutterstock.com

EVgo (NASDAQ:EVGO) recorded record revenue of $55.2 million for the first quarter of 2024, up 118% from the previous year. Additionally, the network throughput increased by 194% from the previous year to a record 53 gigawatt-hours (GWh), and EVgo installed 250 additional operating slots.

In the first quarter of 2024, the EVGO network was used about 19% of the time, up from 9% during the same time last year; the upside on EVGO stock is phenomenal at 106%, making it one of the top overlooked EV stocks.

With the help of key site host partners, EVgo found more than 100,000 possible charging stations and is now focusing on putting more fast charging stations in places that are easy for cars to access.

In addition, drivers who buy or lease a new 2024 bZ4X will get a year of free, fast charging as part of EVgo’s expanded partnership with Toyota (NYSE:TM).

Furthermore, EVgo said that later in 2024 it will start adding NACS connections to its fast-charge network.

Panasonic (PCRFY)

A Panasonic (PCRFY) sign hanging in Beijing, China. generation z
Source: testing/Shutterstock.com

Panasonic (OTCMKTS:PCRFY) is adopting Titan Silicon anode material from Sila Nanotechnologies to create better EV batteries with greater energy.

In addition, Panasonic is investing $4 billion in De Soto, Kansas, to construct the world’s largest EV battery facility, which will create jobs for 4,000 people and provide Tesla (NASDAQ:TSLA) with high-capacity lithium-ion batteries.

Panasonic Energy batteries will be used in the upcoming Tern zero-emission automobiles. This is their first industrial car. In collaboration with Hexagon Purus (OTCMKTS:HPURF) and Hino Motors (OTCMKTS:HINOY), this project produces batteries for the U.S. market for the RC8, a battery-electric Class 8 tractor.

Moreover, Panasonic plans to double its production of batteries for electric vehicles by 2030 as part of the Green IMPACT initiative; Panasonic hopes to reach net-zero emissions and eliminate 300 million tons of CO2 emissions by 2050.

Another step in the right direction is that Panasonic and Novonix (OTCMKTS:NVNFX) have teamed to acquire synthetic graphite for EV batteries. Panasonic intends to use this agreement to improve its supply chain and cut its carbon footprint from 2022 levels by 50% by 2031.

Aside from its EV intentions, investors can take solace in Panasonic’s revenue diversity since it can keep investing in EVs while having diversification buffer its performance; analysts are predicting an upside of 48.5%.

On the date of publication, Faizan Farooque 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.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/ride-the-ev-wave-3-overlooked-stocks-fueling-the-electric-vehicle-revolution/.

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