In 2022, global electric vehicle sales are estimated to rise by nearly 60% to 10.6 million vehicles. The growth of EVs should be beneficial for EV charging companies. But the positive development has not been impacting stock prices of electric vehicle stocks or EV charging companies.

Major EV charging stocks have corrected significantly during the year. Shares of leading EV charging company ChargePoint (NYSE: CHPT) is down 44% as of this writing. Can it recover in 2023?

ChargePoint has the largest network of level 2 charging stations in North America with roughly 70% market share. The company generates revenue by selling charging infrastructure to individuals, businesses, and governments. ChargePoint's primary focus is on commercial and fleet customers. A portion of its revenue comes from upselling cloud-based subscriptions. The company also generates revenue by offering an extended maintenance service to its customers.

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Source Fool.com