EVgo Vs. ChargePoint: Tariffs, Technicals, And The Road To Profitability

While the EV revolution stalls, one charging stock is still sparking investor interest — and it's not ChargePoint Holdings Inc CHPT.

JPMorgan analyst Bill Peterson thinks EVgo Inc EVGO is better positioned than ChargePoint heading into earnings season, citing more substantial utilization, partnerships, and a more straightforward path to sustainable returns.

"Fundamentals still favor owner-operators like EVGO over hardware-software players like CHPT," Peterson noted, adding that the muted EV demand still weighs on discretionary hardware purchases.

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Tariffs Could Short-Circuit EV Charger Momentum

While the tariff narrative remains fluid, Peterson warns of potential demand destruction in the U.S. EV market this year due to heavy reliance on non-U.S. supply chains. "We expect to see some level of EV demand destruction," he notes, citing recent forecast cuts from IHS Markit and Bloomberg New Energy Finance.

Both EVgo and ChargePoint source hardware from Taiwan — targeted earlier this year by a proposed 32% tariff – raising the risk of rising costs just as profitability comes into focus. If such tariffs resume, Peterson sees "negative knock-on effects" on both companies, especially if broader EV penetration weakens further from revised estimates of 11% down to 9% for 2025.

Which EV Stock Is Better Positioned?

EVgo, an owner-operator of DC fast-charging stations, is gaining ground with OEMs, rideshare, and autonomous fleets. Peterson sees "strong customer momentum coupled with an attractive and growing asset base" as key advantages. A potential DOE loan could turbocharge its network expansion even in a policy-choppy environment.

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Technically, EVGO stock flashes bullish signals. The stock is trading above the eight-day, 20-day and 50-day SMAs. However, it's still well below its 200-day average — a longer-term bearish signal.

Meanwhile, CHPT stock is still stuck in neutral. As the stock trades below the eight-day, 50-day and 200-day SMAs, most indicators remain bearish. While a 20-day crossover appears to give a minor bullish blip, the overall sentiment stays sour. Peterson sees limited top-line recovery and warns that despite recent cost cuts, "ChargePoint's path to profitability remains less clear."

Unless EV demand rebounds or policy tailwinds pick up, the road ahead looks tough for both. But for now, EVgo seems to have the stronger charge.

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