What happened

Electric vehicle (EV) charging network leader ChargePoint Holdings (CHPT -1.74%) shares are near the day's low as the market absorbs Tesla's (TSLA -2.44%) third-quarter earnings report. At 3:45 p.m. ET, ChargePoint stock was down 5.3%. 

So what

The market didn't react positively to Tesla's earnings report even though it revealed the company's second-most profitable quarter ever. Tesla's revenue was slightly below expectations, and the company admitted it would likely fall short on its EV delivery goals this year. Without any company-specific news from ChargePoint, it seems that stock is being dragged down along with Tesla. 

Now what

While Tesla may come up short of the 50% annual growth threshold it aims for, what the market seems to be ignoring is that Tesla believes it will still make that goal for vehicle production. The discrepancy is coming from shipping bottlenecks that are delaying deliveries to customers. Those vehicles are sold, however, so it's not a demand issue

White electric vehicle being charged in front of solar panels.

Image source: Getty Images.

ChargePoint and other EV charging network companies are planning for that demand to continue growing. Competitor Blink Charging (BLNK -3.80%) is counting on that growth after it just announced it plans to increase its U.S. manufacturing capacity and double its domestic workforce. Blink says its new manufacturing facility will produce AC Level 2 and Direct Current chargers in a U.S. site to be determined. The company said it has narrowed down the location to states including Florida, Texas, Tennessee, and South Carolina.

Investors may be selling ChargePoint stock along with Tesla today, but if it is due to Tesla's lower-than-expected deliveries, that would be misguided. The more important news is the fact that Tesla's production is still expected to grow a robust 50% year over year. The logistics bottlenecks will be resolved and don't affect what is happening with customer demand. ChargePoint's fiscal quarter doesn't end until Oct. 31, so investors will have to wait a little longer to hear what it has to say.