Despite some bumps in the road, the electric vehicle (EV) revolution hasn’t stopped in 2024. ChargePoint (NYSE:CHPT) continues to grow and provide powerful EV charging equipment in the U.S. and elsewhere. In the long run, ChargePoint will prevail against the skeptics and short sellers, and its stock could jolt up to four dollars, five dollars or even higher.
I’ve already made the case that ChargePoint’s financials, while not perfect, are improving in key areas. It’s undeniable that some investors are worried about EV demand, but don’t lose faith in ChargePoint. In a moment, you’ll catch wind of some impressive stats that will surely convert you into a ChargePoint believer.
EV Demand Isn’t Dead – Here’s the Proof
For anyone who believes that EV demand is dead, consider this. ChargePoint just marked a milestone, as the company currently “enables drivers access to charge at more than one million places across public, private and roaming ports in North America and Europe.”
In addition, ChargePoint has enabled over 10 billion electric miles’ worth of travel through the company’s extensive EV-charging network. This, according to ChargePoint, equates to “driving around the world more than 400,000 times.”
Consequently, ChargePoint has helped drivers avoid consuming over 410 million gallons of gasoline. Thus, ChargePoint is making an impact and enabling the EV movement of the 2020s.
The financial market seems to be ignoring ChargePoint’s staggering progress, but that’s fine. EV-industry startups, perceived as risky during a time of high interest rates, are out of favor at the moment. Sooner or later, the market will understand ChargePoint’s full value as a business and as an EV-charging pioneer.
Don’t Fear the ‘Trump Trade’
In other news, some stock traders might worry that former president and current presidential candidate Donald Trump, if he wins the 2024 U.S. presidential election, will inhibit the growth of the EV industry in America. However, to his credit, ChargePoint CEO Rick Wilmer directly addressed this concern.
Clearly, Wilmer isn’t losing sleep about the potential for a “Trump trade” that may favor traditional vehicles over EVs. “For those who have experienced EVs, it’s a superior product, from a driveability perspective, from a quietness perspective,” the ChargePoint CEO assured.
Wilmer seems to be suggesting that, once you switch to an EV, you’ll never go back. Even beyond that, he sees the EV trend as a force that’s unstoppable at this point:
“I think that the overall market forces are a much stronger force than whatever the government can do to accelerate or not accelerate EV adoption… There’s been too much investment made, [and] you hear many auto CEOs — auto [original equipment manufacturer] CEOs — talk about the fact that we’re past the tipping point.”
It remains to be seen whether Wilmer’s confidence is warranted. Nevertheless, ChargePoint’s shareholders should be encouraged as the CEO looks beyond political parties and short-term outcomes, and envisions long-term growth for the EV-infrastructure industry.
ChargePoint Stock Could Double Your Money
Due to worries about EV demand and concerns about interest-rate hikes, ChargePoint is out of favor among investors. If and when the tide of sentiment turns, the ChargePoint share price should move from two dollars to four dollars or even five dollars.
And if you’re still doubtful, just review the stats provided earlier about ChargePoint. This startup business managed to enable 10 billion miles of EV travel.
With that in mind, I invite you to buy ChargePoint stock for a long-term buy and hold. Then, prepare to eventually double your money or more as the EV infrastructure build-out is definitely far from over.
On the date of publication, David Moadel 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.