![]() ![]() In 2020, the company reported revenue of $146 million. In business for more than a decade now, ChargePoint today is the market leader in North America for Level Two electric vehicle charging stations that use 240 volt power, with more than 2,000 fast charging stations available for public use. The good news for ChargePoint shareholders is that the company is doing quote well on its own without any political support. While the federal government’s focus on electric vehicles is no doubt beneficial to ChargePoint, some analysts caution against the company reliance on Washington, D.C. The plan allocates $174 billion towards electric vehicle manufacturing and the infrastructure to support electric cars, trucks and sport utility vehicles, including $35 billion for the research and development of new electric vehicle technologies. Specifically, the Biden administration aims to increase the use of electric cars that now account for just 2% of the vehicles driven by Americans. Investors saw Washington, D.C.’s support of electric vehicle infrastructure as a vote of confidence ChargePoint. ChargePoint’s shares jumped 55% in the two weeks immediately after Biden introduced his infrastructure legislation and reached $31.09 before falling back to its current level. The question now is can ChargePoint reignite its spark and get investors excited about its business again? A Bump From Infrastructure SpendingĪfter hitting bottom at $20 a share, CHPT stock got a lift in recent weeks after President Joe Biden unveiled a $2 trillion infrastructure bill that focused largely on funding infrastructure to support electric vehicles. The enthusiasm for ChargePoint’s stock had waned. ![]() By the end of March, CHPT stock had fallen 59% from its peak and was down to $20 a share. Support for SPACs collapsed as regulator’s ratcheted up their scrutiny of the deals, investors backed away from electric vehicle securities and the short-term outlook for ChargePoint and its growth potential began to be questioned by analysts and traders.
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