Meet the Up-and-Coming EV Stock That Could Crush the Market

Core Viewpoint - The recent decline in EVgo's stock price presents a potential buying opportunity despite challenges in the electric vehicle (EV) market due to policy changes and competition [1][3]. Company Overview - EVgo operates a public EV charging network rather than manufacturing electric vehicles, with a market cap of approximately $1 billion and around 1,100 fast-charging stations across 40 U.S. states, serving over 1.2 million account holders [4][5]. Industry Context - The U.S. has a total of 69,632 electric vehicle charging stations supporting over 195,000 charging ports, with ChargePoint and Tesla being the dominant players [5]. - Despite a slowdown in the growth rate of EV sales, the overall sales of electric vehicles reached a record of approximately 1.3 million units last year, indicating continued demand [8][9]. Growth Potential - EV sales are projected to account for 10% of new car sales in the U.S. by 2025, up from 7.5% in 2024, suggesting a positive long-term trend for the industry [9]. - The domestic EV charging station market is expected to grow at an annualized rate of 34% through 2032, driven by the demand for direct current fast charging (DCFC) stations, which EVgo primarily operates [11].