Is ChargePoint a Screaming Buy After Ford-Tesla Charging Deal? Not So Fast

By Jason Hall and Tyler Crowe – Jun 9, 2023 at 5:02AM

NYSE: CHPT

ChargePoint

Market Cap

$567M

Today's Change

(-1.47%) -$0.02

Current Price

$1.34

Price as of April 23, 2024, 4:00 p.m. ET

The charging market is likely to be very large, but a lack of growth and a tight focus don't bode well for ChargePoint.

Auto giants and, increasingly, competitors Ford (F 0.47%) and Tesla (TSLA 1.85%) surprised us with a deal that will give Ford EV owners access to Tesla's Supercharger network next year. Is this bullish for ChargePoint (CHPT -1.47%)? It points toward an accelerated need for charging stations and services and indicates legacy automakers don't want to build them. In this video, Motley Fool contributors Jason Hall and Tyler Crowe explain why this deal doesn't look bullish for ChargePoint and why it could struggle to grow profitably.

*Stock prices used were from the afternoon of June 1, 2023. The video was published on June 7, 2023.

Jason Hall has no position in any of the stocks mentioned. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Abb and Tesla. The Motley Fool recommends Enphase Energy and Lincoln Electric. The Motley Fool has a disclosure policy. Jason Hall is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.