No matter how you look at it, electric vehicles (EVs) are the future of the auto industry…

From short squeezes to near-bankruptcy, EV company Tesla (NASDAQ: TSLA) defied all odds to become one of the fastest growing automakers around.

While EVs have existed to some degree since the inception of the automobile, Tesla pushed them into the limelight, nearly defining the sector’s now-inevitable transition. 

And with the company’s explosive 816% growth over the last twelve months, legacy automakers are beginning to see the writing on the wall. 

In mid-2020, Mercedes owner Daimler (OTCMKTS: DMLRY) announced it was partnering with chipmaker Nvidia (NASDAQ: NVDA) to build and deploy EVs starting in 2023. 

This year, both Ford Motor Co. (NYSE: F) and General Motors (NYSE: GM) revealed they were doubling down on accelerating EV development as well.

In January, General Motors said it was partnering with Microsoft (NASDAQ: MSFT) to make EVs and autonomous vehicles over the next three years. 

Earlier this month, Ford said it was partnering with Google (NASDAQ: GOOGL) to bolster EV output between now and 2023. 

But even without Tesla thrown into the mix, these announcements are unsurprising…

Between 2017 and 2018, EV sales worldwide grew by 65%. In the same period, the U.S.’s EV sales surged by 80%. 

In 2019, Europe reported overall EV sales rose by 44%. Meanwhile, China, the biggest EV market, saw 700% growth year-to-date. 

This trend is only expected to continue through the next several decades….

By 2025, Bloomberg New Energy Finance (BNEF) said EVs will make up 10% of all global passenger vehicle sales. This percentage is expected to rise to 28% in 2030 and 58% in 2040. 

This means that while EVs have grown increasingly popular in recent years, the industry as a whole has plenty of growth ahead…

Any new or existing companies that double down on developing products for the market could see strong profits and growth in the long-term. 

This Charging Station Stock Should Profit Immensely From the EV Vehicle Boom

ChargePoint Holdings Inc (NYSE: CHPT) isn’t exactly the kind of company that would immediately come to mind for many investors when discussing potential EV investments.

ChargePoint recently announced a merger with Switchback Energy, a massive open EV charging station network manufacturer. 

Through the agreement, ChargePoint has obtained over 115,000 charging stations across the world. 

We initially estimated that the combined value of Switchback and ChargePoint would be around $2.9 billion.

However, CHPT’s valuation has already jumped to over $6.5 billion.

ChargePoint now has over $600 million in cash on its balance sheet to fund operations and drive future growth.

Between now and 2025, the company said this will help fuel a 2,000% increase in the number of charging stations to 2.5 million. 

As a result, ChargePoint forecasts a 60% compound annual growth rate over the next six years. This means revenue could rise from 2020’s $135 million to $2 billion by 2027. 

And with the growing popularity of EVs from both emerging automakers and legacy manufacturers, these projections could realistically come into fruition. 

This is especially true considering the fact that more electric vehicles on the road will ultimately require charging stations to become as common as today’s gas stations. 

These components put ChargePoint in a strong position to capitalize on the market, potentially bolstering its long-term growth and profits.

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