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The electric vehicle (EV) revolution may have hit some speed bumps, but the transition away from old-school combustion vehicles continues to accelerate. According to the International Energy Agency (IEA), global EV sales are projected to reach a staggering 17 million units in 2024, a remarkable 35% increase from the previous year. Data from Inside EVs shows an 18% year-over-year increase in Q1 sales for a group of 19 automakers that excludes Tesla (TSLA), and the Biden administration has broadened the scope of tax credits for buyers to help give EVs a shot in the arm.
As industry heavyweight Tesla appears to pivot away from its Supercharger network, Evgo Inc. (EVGO) is one small industry player that's turning heads. They're at the forefront of the charging game, boasting over 1,000 fast charging stations spread across 35 states. And they just reported a blockbuster first quarter, with revenue jumping 118% to $55.2 million. That's some impressive growth, and it's got Wall Street sitting up and taking notice.
