Given how precipitously shares of EVgo (NASDAQ: EVGO) have fallen in recent months, this week's rally in the electric vehicle (EV) charging stock may have caught many by surprise. EVgo's share price surged by 16.5% at its highest point in trading this week through 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence.

EVgo last reported quarterly numbers in November, and they were impressive. Revenue surged by 234% year over year to $35.1 million in the third quarter as the company continued to build out its EV charging network and expand its customer base. EVgo also upgraded its full-year revenue guidance range to $148 million to $158 million from its previous forecast range of $120 million to $150 million. And it projected a smaller adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) loss for the year.

EVgo has yet to release its fourth-quarter numbers, but investors now perhaps expect the company to deliver a strong quarter and keep growing in 2024 despite fears of a slowdown in the growth of the global EV market. You can thank rival Blink Charging (NASDAQ: BLNK) for reigniting EVgo shareholders' hopes.

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Source Fool.com