ChargePoint Stock Is Still the Perfect Way to Plug Into the EV Revolution

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The most obvious reason to have a position in ChargePoint (NYSE:CHPT) is because you’re bullish on the build-out of electric vehicle infrastructure. For that reason alone, you could build an argument in favor of owning CHPT stock.

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Another reason to own the stock is because you view ChargePoint as a “picks and shovels” type of investment.

In other words, you don’t have to own a stake in any particular electric vehicle manufacturer, when you can instead get behind a business that makes charging ports that all electric vehicles can use.

These factors are all worth looking at, but there’s also another reason to consider investing in ChargePoint. Indeed, a recent development indicates that ChargePoint is an emerging innovator in keeping drivers connected and informed.

CHPT Stock at a Glance

As you may recall, ChargePoint was the result of a a special purpose acquisition company (SPAC) merger with shell company Switchback Energy Acquisition.

That company traded under the stock ticker symbol SBE. When ChargePoint finally went public on March 1, CHPT stock became available for trading on the New York Stock Exchange.

Even prior to March 1, however, the share price had already risen and then declined. Still, the long-term shareholders were in the green as the stock had ascended from $10 in September of 2020 to $30 in early March of 2021.

CHPT stock wiggled and wobbled after that, but settled at around $25 at the end of April.

The bulls should look for a turnaround in the coming months, with an eye toward reclaiming the 52-week high of $49.48.

A $1 Billion Charging Goal

Building out the nation’s and the world’s electric vehicle charging infrastructure is definitely a team effort.

Thus, ChargePoint is working with the National Highway Charging Collaborative to promote an important initiative.

This initiative will involve $1 billion in public and private capital. Those funds will be used to bring charging functionalities to over 4,000 travel plazas and fuel stops in the U.S. by 2030.

So far, the progress has been notable. In its first year, the National Highway Charging Collaborative managed to fund more than 150 fast charging spots in DC, with “additional access to more than 1,500 publicly available DC fast charging spots for consumers on ChargePoint’s existing network.”

This is a long-term initiative, as the $1 billion investment goal’s target endpoint is 2030.

That year was chosen because it aligns with the expected arrival of dozens of new electric vehicle models.

It’s a smart and forward-thinking move for ChargePoint to work with the National Highway Charging Collaborative. Strategic partnerships like this can help to scale up vital charging infrastructure.

And at the same time, this could provide charging functionalities to urban and rural areas. All in all, it should benefit the company and these communities at the same time.

Enhancing the Driver Experience

You might think of ChargePoint as a maker of charging ports, and nothing else.

However, you might be surprised to learn that the company is also working to provide essential electric vehicle charging functionality inside the vehicle.

The company is collaborating with Android Auto to create an app which would integrate important charging data directly into the vehicle’s infotainment system.

Thus, drivers would have access to ChargePoint app information right on the vehicle’s display. For example, they could access a map with nearby charging stations.

Plus, they could filter nearby charging stations by charging speed, availability and cost. Moreover, they would be able to begin a charging session through the app.

Anything that helps enhance the charging experience should be considered a good thing. And, that’s exactly what the ChargePoint app would do.

The Takeaway

As you can see, ChargePoint is making significant strides in advancing electric vehicle charging technology.

Long-term shareholders should therefore stay the course as the CHPT stock bulls seek to revisit all-time highs.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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