Some of the top electric vehicle (EV) charging stocks to buy have been down in the dumps. But that’s to be expected with slowing EV sales. However, don’t be so quick to write these stocks off just yet. Once the Federal Reserve starts cutting interest rates again, we could see a resurgence of EV sales. And that should be met with accelerating demand for EV charging stocks.
“By 2025, electric vehicle sales could comprise up to 20% of new car sales. By 2030, electric vehicle sales could reach 40% of new car sales. Further, by 2040, electric vehicle sales could account for nearly all new car sales,” according to Progressive.com.
Therefore, if it does happen, we’ll need a good deal of chargers. That should drive these EV charging stocks even higher.
Right now, the U.S. has just under 130,000 publicly available charging ports at 50,401 charging stations, according to BlinkCharging.com. Yet, when we approach the U.S. goal of half of all auto sales being electric, we’ll need 1.2 million public, and 28 million private EV charging stations, or about 20 times more than we have now, added BlinkCharging.com.
Therefore, you may want to invest in the following EV charging stocks this month.
ChargePoint (CHPT)
The last time I mentioned ChargePoint (NYSE:CHPT) about four days ago, I said the following.
“At less than $2 a share, ChargePoint just picked up an increased price target of $4 from TD Cowen. Maintaining an outperform rating on the stock, the firm says CHPT could be a “potential long-term winner” even though 2024 could be another challenging year.”
While CHPT is up only a few cents since that mention, I think it could double, even triple from current prices with patience. It’s not going to make you rich overnight, but I’d put a few dollars into it, and check back on it later this year. Again, should the Fed cut rates, as anticipated, green energy stocks, including EV charging stocks, could push higher.
Beam Global (BEEM)
Beam Global‘s (NASDAQ:BEEM) EV ARC, the first off-grid, rapid-deployment EV charging system, draws power from its solar panels.
Earnings and recent orders make BEEM one to watch. First, in its third quarter, the company’s revenues were up 149% year over year (YOY) to $16.5 million. Year-to-date (YTD) revenues were up 236% YOY to $47.3 million. Also, EV ARC system deployments were up 295% YOY. Impressively, BEEM remains debt-free.
Secondly, the City of Los Angeles Streets Division placed another order for solar-powered EV ARC charging systems. Third, the U.S. Army Corps of Engineers, Army Material Command, just placed a $7.4 million order for 88 EV ARC charging systems. Finally, BEEM just received a $4.8 million order for 47 EV ARC systems from the U.S. Department of Homeland Security (DHS).
GX Autonomous & Electric Vehicles ETF (DRIV)
Or, take a look at the GX Autonomous & Electric Vehicles ETF (NASDAQ:DRIV). With an expense ratio of 0.68%, the ETF invests in companies that produce EVs and related components. Also, after finding double bottom support, it’s starting to turn higher.
Last trading at $23.85, I’d like to see it initially retest $25. Some of its top holdings include Nvidia(NASDAQ:NVDA), Toyota Motor (NYSE:TM), Microsoft (NASDAQ:MSFT), Tesla (NASDAQ:TSLA), and Apple (NASDAQ:AAPL). So, not only are you gaining access to EV stocks, but you’re also gaining access to some of the biggest, most explosive tech stocks on the market for around $24 a share. Not a bad deal.
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.