A conscious shift towards the adoption of sustainable electric vehicle technology has been a boon for the best EV charging stocks on the market. 

The dawn of the electric car has revolutionized the automotive industry as we know it. Effortless acceleration coupled with savvy user-interfaces has made driving EVs an exciting endeavor. Add on the positive effects of decarbonization with fossil fuel alternatives — and the growth potential of these vehicles remains endless. 

While EVs offer several use cases and utility, one key driver of its adoption is the presence of proper infrastructure. Namely EV charging stations. These stations play a pivotal role in ensuring seamless access to power, thus supporting the growth of electric vehicles on the road. 

The commitment to encouraging the use of more ‘clean cars’ has led to significant increase in the presence of EV charging stations. This has served as a major tailwind for companies responsible for the deployment of these stations.

As the adoption of electric cars continues to grow, EV charging companies are poised for outsized returns.

ChargePoint (CHPT)

California-based ChargePoint (NYSE:CHPT) leads the EV charging market with its vast network of stations and unique product offering. Unlike traditional power supply businesses, the company uses a subscription-based model to help businesses customize their EV charging needs. 

ChargePoint as a Service is a cloud-based offering that offers a flexible option for EV charging. This all-in-one solution includes everything a user will need to manage a fleet of commercial or personal electric vehicles. Drivers, on the other hand, can control the charging of their vehicles from a mobile app. This high-utility offering has made ChargePoint a dominant force in the global EV market.  

Now on the surface, the company certainly has a good story to tell. After all, it played a key role in the early adoption of electric-vehicles. However, it’s worth pointing out that ChargePoint has been affected by the cool down in EV purchases. This was evident in its recent earnings report with revenue down 18% from last year.

Nevertheless, as macroeconomic conditions in the market improve, CHPT is one of the best EV charging stocks for long term returns. Its fundamentals continue to remain strong and with the stock down 10.12% in June, this is a great entry point.

Rivian Automotive (RIVN)

In a sea of EV-makers, Rivian Automotive (NASDAQ:RIVN) is a reigning favorite for several reasons. The company faced a rocky start, plagued by high production costs and unfavorable macroeconomic conditions. However, the carmaker successfully overcame these headwinds to emerge as a leader in the space. 

As an electric pick-up manufacturer, Rivian was able to carve out a niche in a market dominated by automotive juggernauts, GM (NYSE:GM) and Ford (NASDAQ:FORD). Since then, it has seen impressive gains with strong delivery numbers and demand for its vehicles. The company recently attracted a $5 billion investment from Volkswagen (OTCMKTS:VWAGY) that sent its stock price soaring 50% in the after hours. 

Now while the company’s EV numbers are impressive, its EV charging initiatives are just as noteworthy. Rivian’s ‘Adventure Network’ (RAN) is a network of 424 DC chargers available across 70 locations in the U.S. While the stations are typically exclusive to Rivian’s customers, the company recently announced it is now compatible with Tesla’s (NASDAQ:TSLA) network. This will enable the company to expand its EV footprint while creating a more collaborative charging ecosystem.

Rivian’s strong market position and growing charging ecosystem makes it one of the best EV charging stocks to buy now. 

Nio (NIO)

A third company that’s making waves in the EV charging market is Nio (NYSE:NIO). Known primarily for its electric cars, Nio is actively developing its charging infrastructure with EV battery swap technology. If you are unfamiliar with the jargon, battery swap stations let cars swap out empty batteries with fully charged ones. 

Keeping with this commitment, the company announced a partnership with several Chinese automakers to expand its battery swap network across China. A total of 2,300 swap stations have been installed with plans to build a 1,000 more this year. The growth of its charging station network will eventually translate for a higher demand for EVs. 

Now coming to the stock’s performance, a cooling demand for EVs has pushed shares lower in recent months. Adding fuel to the fire is geopolitical tensions with the U.S. and EU with higher tariffs on Chinese EV imports. But despite the headwinds, a recent uptick in May vehicle deliveries has re-instilled investor confidence to a degree. 

Analysts also remain cautiously bullish on NIO stock giving it a price upside of $6.19. The stock is currently trading around $4.44.

Nio is among the best EV charging stocks to consider for its expanding charging infrastructure and EV technologies. 

On the date of publication, Divya Premkumar 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.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.