EVgo, Inc. (EVGO) Stock Analysis

EVgo’s primary competitive advantages stem from its scale, network planning, technology, and partnerships. As of June 2025, EVgo operates 4,350 fast-charging stalls across 40+ states, making it one of the largest public fast-charging networks in the U.S. This scale enables higher utilization rates (281 kWh/stall/day in Q2 2025, up 22% year-over-year) and supports dynamic, demand-based pricing—capabilities that smaller rivals often lack.

A key differentiator is EVgo’s proprietary network planning process, which leverages granular data (e.g., EV adoption, rideshare density, electricity costs) to optimize charger placement and maximize returns. This data-driven approach is cited as a source of double-digit project-level returns and underpins disciplined capital allocation.

Technologically, EVgo is recognized for its software platform, including the Autocharge+ feature and the PlugShare app, which boasts 6.9 million users. These tools enhance customer experience and provide valuable data for further optimization.

Strategic partnerships with major automakers (GM, Nissan, Toyota) and site hosts (retailers, travel centers) secure high-traffic locations and recurring funding. In contrast, competitors like ChargePoint and Blink rely more on third-party site ownership or less integrated software.

However, EVgo faces risks from rapid industry change, high customer concentration (one customer accounted for 33.5% of 2024 revenue), and the need for ongoing investment to adapt to new charging standards (e.g., NACS). Nonetheless, its scale, technology, and relationships provide a defensible edge over most rivals, excluding Tesla’s proprietary network.