Global EV Charging Sector Setbacks: UK and US Miss Targets

The UK Government has fallen short of its ambitious target to install at least six rapid or ultra-rapid electric vehicle chargers at every motorway service area by the end of 2023, while in the US, according to a Bloomberg report, the EV charging sector faced significant challenges in 2023 and is expected to continue to struggle in 2024. US public charging installations in 2023 were 76% below forecasts and the report anticipates it will also lag in China and Europe this year. Financial difficulties, partly due to waiting for federal funds, have impacted charging companies like ChargePoint Holdings, Electrify America, and EVgo. ChargePoint, the largest US EV charging network, lost 75% of its market value last year and replaced its CEO. The challenging financial climate and poor performance are expected to lead to more acquisitions in the industry, as companies aim for growth and survival.