Jennifer Hiller of The Wall Street Journal writes that EV charging companies have fallen from lofty valuations as concerns mount about their profitability. She continues:
The companies that install and operate electric-vehicle charging networks are in the middle of a building boom, but their share prices are sputtering.
ChargePoint Holdings shares have tumbled 74% this year, and the company missed initial revenue projections for the third quarter. Blink Charging BLNK -9.59% have dropped 67%, while EVgo is down 21%, and both project annual losses.
The charging providers don’t expect to turn profitable for about a year and face the prospect of EV market leader Tesla opening much of its popular charging network to other drivers starting in 2024. The blistering pace of U.S. sales growth for EVs has moderated. Some charging executives say they are running into challenges that include customer unease about the direction of the economy, higher costs and delayed deliveries of EVs to fleet customers. […]
Shares in Beam Global are down 60% this year, though Wheatley is optimistic about long-term prospects because revenues are rising.
“It’s easier to get vehicles into people’s hands than it is to get chargers into the ground,” Wheatley said. He says EV charging infrastructure will have to play a game of catch-up for some time.
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