ChargePoint Stock: How Profitable is EV Charging?

Our recent piece on finding the next Tesla proposed that autonomy may be the thesis we ought to be looking at as opposed to electrification. Investing in automakers isn’t something we’re keen on unless they’re pure plays on electric, and even then, we’re not convinced we’ll see another Tesla-like success story from all the EV special purpose acquisition companies (SPACs) that debuted over the past several years. Charging infrastructure represents another way to play the electrification thesis, but we’re having a tough time conceptualizing where the money is supposed to come from. Gas stations make very little money on the gas they sell, with profits coming from all the stuff sold inside gas station stores. Will selling electricity be any different?

Earlier this year we wrote about 6 Electric Vehicle Charging Stocks For Green Investors and noted that ChargePoint (CHPT) was the biggest, both by market cap and revenues. Now that the SPAC dust has settled, and we have some proper filing documents to peruse, we’re going to take a closer look at ChargePoint’s business model to try and understand what sort of an opportunity exists in electric vehicle charging.

The value of a charging station to every property owner will be unique, so w