Electric vehicle (EV) stocks came under attack in 2022 as investors dumped the risk-on trade and shifted to more conservative stocks. While EV stocks continue to trade on extreme bearish sentiment, I believe it’s an opportune time to look at beaten-down EV stocks, especially shares of companies in the EV infrastructure industry.
Building up a nationwide EV charging network is critical to increasing the adoption of EVs. With gasoline-powered vehicles, you can’t travel long distances without fuel stations across the country. The same applies to EVs, whose driving ranges are generally limited to about 500 miles on a full charge.
That’s why companies like EVgo Inc (NASDAQ:EVGO) are jumping in to expand the EV charging network. The company operates the biggest network of public EV fast chargers in the U.S.
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