Why ChargePoint Is My Favorite EV Charging Stock Right Now

ChargePoint Holdings (NYSE: CHPT) is by far the leading provider of public level-2 charging for electric cars in North America with roughly 70% of the market. It's also expanding operations in Europe, and its overall growth strategy looks solid.

Its commercial clients -- fleet operators, shopping malls, universities, hospitals, corporate entities -- typically expand their business with the company as their needs increase, and its quality charging solutions are likely a key driver of this growth. These customers often offer charging as a perk or facility to patients, employees, customers, and so on. Over time, its top customers typically renew their software subscriptions and purchase additional charging ports from the company. This land-and-expand model contributes significantly to its revenue growth, as the chart below illustrates.

Image source: ChargePoint. Company's fiscal 2022 ended on Jan. 31, 2022.

Source Fool.com