The electric vehicle (EV) market is moving at a fast pace. However, the sector still needs the requisite infrastructure to enable its full potential. ChargePoint Holdings (NYSE: CHPT), an American EV infrastructure provider, is among the many companies contributing significantly to the industry. Currently, CHPT stock is trading at a market price of $10.31, down by 1.5% since its previous close.
Variety in EVs May Bring a New Trend
Their latest financial report highlights that the company revenue has ascended by 93% year-on-year. Commercial sales remain the major driver behind this growth. As authorities worldwide are getting more cautious regarding the perils of global warming, they are emphasizing replacing electric vehicles with traditional automobiles.
According to the U.S. Bureau of Labor Statistics (BLS), the market registered sales of 9.5 Million units in 2022. Moreover, this number is estimated to grow to 80 Million by 2030.
Reports also suggest that total EVs on the road jumped from 22,000 in 2011–to–2 Million in 2021. Countries including China, Canada, Japan and more will likely become major electrical vehicle course segments.
The market is witnessing a variety of vehicles entering EV shops, attracting a lot of consumers. However, the U.S. Bureau of Transportation Statistics highlights that trucks and SUVs accounted for almost 80% of electric vehicle sales in 2021. The latest eye-catchy designs may bring about a trend among the people, potentially pushing the sector to new highs.
Moreover, according to BLS, EV infrastructure may contribute to the employment sector. Considering the technicalities of the sector, it will make room for chemical and electrical engineers, software developers and more. A recent report shows that unemployment rose to 3.6% in February 2023.
CHPT Stock Price Analysis
The chart depicts an extremely volatile momentum in CHPT stock price. A downtrend is visible during September and December 2022, losing almost 60% during the period. Moreover, the price broke four fibonacci levels before retracing from the $8 level.
Furthermore, Woodies CCI highlights the value has reached the overbought zone. Buyers may remain active, leading CHPT stock towards a breakout. The Chop zone underscores an upward-moving trend, supporting a potential ascension in price. Currently, the value holds support at around $9 and a resistance near $11.
Currently, the US and China remain top rivals in the EV market, with the latter dominating the sector. According to data, sales in the United States are below the global average. However, it can gain traction considering new regulations for EV subsidies. Though China registered 6.5 Million electric vehicle sales, the nation may thrive by extending its subsidy policies.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2023/04/04/chpt-stock-opens-the-market-with-positive-momentum-rises-over-1/