Where Will EVgo Stock Be in 10 Years?
The electric vehicle charging network has sizable growth ambitions.
Electric vehicle sales were skyrocketing in the United States for a decade. Then, in 2023, this growth stalled out. Tesla unit volumes are not growing anymore. The market share of electric vehicles for new car sales in the United States actually fell in the last few quarters. This has presented a problem for EVgo (NASDAQ: EVGO) stock. The electric charging network's share price is off 86% from all-time highs due to this narrative of falling electric vehicle sales.
But if you look at the underlying EVgo business, it is growing rapidly and improving profitability. When electric vehicle sales eventually return to growth, the company should see further increases in demand in the coming years. Does that make the stock a buy today? Where will EVgo stock sit in 10 years' time? Let's take a closer look and find out.
EVgo owns one of the largest networks of charging stations for electric vehicles in the United States. With over 1,100 locations and 3,680 charging ports, it is trying to expand mightily to take advantage of the growth in electric vehicles.
