The electric vehicle (EV) market expanded rapidly from 2020 to 2023, but its growth cooled off over the past three years. Reduced government subsidies, saturation of the early adopter market, rising rates, and other macro headwinds caused that slowdown.
The EV market is still expanding, but many investors are still shunning EV stocks in this choppy market. However, that tepid interest in EVs might be creating some compelling buying opportunities in some of the sector’s oft-overlooked stocks. Let’s take a closer look at two of them: QuantumScape (NASDAQ: QS) and ChargePoint (NYSE: CHPT).
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QuantumScape develops solid-state lithium-metal batteries for EVs. These batteries have better thermal stability, shorter charging times, and higher charging capacities than lithium-ion batteries, but they’re more expensive and challenging to produce.
QuantumScape expects to change that perception with its QSE-5 batteries, which it co-developed with Volkswagen over the past decade. It hasn’t commercialized any of its batteries yet, but it plans to start licensing its technology to Volkswagen and other automakers over the next few years.
Wall Street expects QuantumScape’s revenue to rise from less than $1 million in 2026 to $545 million in 2028 as it finally commercializes its first QSE-5 batteries. With a market cap of $3.9 billion, its stock still looks reasonably valued at seven times 2028 sales. It should also gradually narrow its net losses as it generates a higher mix of higher-margin licensing revenues.
ChargePoint, the top builder of EV charging stations in North America and Europe, operated 385,000 charging ports at the end of fiscal 2026 (which ended this January). It also provides access to more than 1.37 million charging ports globally through its roaming partnerships.
ChargePoint’s total active users rose 8% to 1.48 million at the end of fiscal 2026. Unlike Tesla, which offers its Superchargers as extensions of its auto business, ChargePoint sells connected charging stations to commercial and residential customers that want to host their own chargers and set their own prices. ChargePoint also provides those hosts with its own network access, billing, and customer support services. As the EV market continues to expand, ChargePoint’s footprint and user base should grow.
