Tesla is the clear leader in installing fast charging stations in the US, while competitors continue to flounder behind. In 2023, the company installed 606% more charging stations than its next closest competitor.
The number of electric vehicles on US roads is growing steadily. Charging operators are still unable to keep up with their speed of entering the market, while Tesla, with a significant lead, continues to expand its charging infrastructure. Tesla installed 6,000 chargers in the US last year, according to data published by Bloomberg. That is nearly 606% more than its closest competitor, ChargePoint, which has 850 devices installed. Another operator, EVgo, installed only 410 fast chargers for the entire year.
Starting in 2012, Tesla began building out its charging network. This was done in order to maintain interest in the electric cars it produced. Since then, the company has installed tens of thousands of charging piles around the world. Tesla developed a unique connector design that has unique performance.
Last year, ChargePoint faced a sharp decline in its market value and replaced its CEO. In addition, as Rick Wilmer, ChargePoint’s new top executive, noted, a significant number of the company’s customers were wary of increasing investment in the company due to the uncertain economic outlook.
“They felt they could wait a quarter or two to see how things would settle economically before continuing to invest,” Wilmer said in an interview with Bloomberg. “It’s getting better, as we’re getting more and more data around the economy and it appears we’re heading for a soft landing.”
Starting in the spring of 2023, Tesla’s North American Charging Standard (NACS) has been adopted by all major EV manufacturers that sell their vehicles in the US. Most of them will start producing their vehicles with the new charging port in the coming years. This fact could also further hamper investment in the development of charging networks by other operators. In addition, the slowdown in 2023 may be due to operators’ anticipation of federal funds from the national electric vehicle development program.