Sep
Elliottwave Analysis, Stock Market, Stocks
EV-Charging Stocks Post Solid Sales Growth. It Has Little to Do With Tesla.
Second-quarter results from two electric vehicle charging companies show that EV-related businesses are growing strongly. And the growth isn’t coming from Tesla.
Solid sales growth from EVgo and Wallbox is nice to see, especially when the pace of EV sales in the U.S. has slowed. Americans bought about 1.2 million all-electric vehicles in 2023, up about 46% year over year. Growth in the first quarter of this year was 3%; second-quarter growth was a little better at 11%.
For its second quarter, EVgo reported a loss of 10 cents a share from sales of $66.6 million. Wall Street was looking for a loss of 10 cents and sales of $59.4 million.
Sales matter more than earnings at this point. EVgo is spending to expand its charging network in hopes of achieving the scale needed for consistent profits.
