Prepare for an electrified future with CHPT Stock
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charging port provider Charging point (NYSE:CHPT) seems to be growing both at home and abroad. On the one hand, the US government’s favorable stance on electric vehicles (EVs) should help keep CHPT stock afloat. Additionally, ChargePoint is introducing a product specifically designed for the rugged European EV market.
It’s amazing how the electric vehicle landscape has changed so quickly. Here’s a sign of the times: it seems that electric vehicle charging sites now outnumber gas stations in Manhattan by a ratio of 10 to one.
ChargePoint CEO Pasquale Romano said, “It’s a matter of when,” referring to the replacement of gas stations with EV chargers. This may be true in Manhattan and the United States in general. However, Romano’s vision also has an international reach, and a new electric vehicle charging product proves this decisively.
What’s going on with CHPT stocks?
Throughout 2022 so far, the CHPT has struggled to find direction. At the start of October, the shares were trading at around half the value of their 52-week high, $28.72.
Could the stock move back into the $20 range in the near future? Credit Suisse analyst Maheep Mandloi seems to think so, as he recently gave ChargePoint an “outperform” rating and a price target of $22.
Mandloi cited the US government’s EV-friendly legislation. He noted that several sections of the Inflation Reduction Act provide tax credits for electric vehicles as well as electric vehicle infrastructure. Not only that, but the Inflation Reduction Act allocates $7.5 billion to deploy electric vehicle and alternative fuel charging infrastructure in the United States.
ChargePoint has favorable winds at home and in Europe
It was also reported that the Biden administration approved $900 million in spending to build electric vehicle chargers on 53,000 miles of US highways spanning 35 states. These positives clearly weigh in favor of owning CHPT shares.
Yet, there is more to the story as it also has an international angle. There’s a potential game changer afoot, and it’s called the CP6000. It’s a production that ChargePoint has just unveiled, and it’s billed as a “global AC EV charging solution now available for vehicles of all types and sizes.”
Due to differences in EV infrastructure and the vehicles themselves, cross-compatibility can be an issue when dealing with different countries. ChargePoint is looking to close that gap with the CP6000.
This product is specially designed for the European market. It provides “AC load for single-phase or three-phase power at adaptable output” from 3.7 to 22 kilowatts per port.
On top of that, the CP6000 ChargePoint promises that driver support will be available in multiple languages. In addition, users will be able to pay with their preferred currency, ChargePoint assures.
What you can do now
There is a certain risk in investing in a start-up related to electric vehicles. Therefore, a “B” rating is appropriate for CHPT stocks.
It’s an interesting way to get multinational exposure to building EV infrastructure. With the Biden administration creating a favorable backdrop in the US and the CP6000 potentially making waves in Europe, ChargePoint looks like a good EV-focused company to back now.
As of the date of publication, neither Louis Navellier nor the member of the InvestorPlace research staff principally responsible for this article holds (directly or indirectly) any position in the securities mentioned in this article.