EVs Gain Traction
ChargePoint Data Shows High Gas Prices Accelerate American Shift to Electric Vehicles
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High gas prices are pushing more Americans to plug in rather than fill up, and ChargePoint (CHPT) has the data to prove it. Yahoo Finance reports that the charging network saw plug-in hybrid (PHEV) owners charging up to 45% more often since March 1, while home charger sales doubled in mid-March and doubled again in April — a fourfold increase from early Q1 levels.
ChargePoint CEO Rick Wilmer says the company is no longer fixated on new EV sales numbers. "The focus of our business is on the cumulative number of EV vehicles on the road," he said. Even as new EV sales cooled, used EVs stepped in to fill the gap — and the drivers already on the road are charging far more often to avoid the pump.
PHEV Owners Are Finally Plugging In More
Plug-in hybrids have long been mocked as "the worst of both worlds" — cars that can run on electricity but rarely do. That is changing fast. According to Yahoo Finance, PHEV owners on ChargePoint's network are charging 45% more frequently than they did before March 1. Analysts at Consumer Reports call this a clear sign of "price sensitivity" — drivers are shifting from gasoline to electricity whenever they can to cut costs.
The math is compelling. A high-mileage driver can save roughly $2,500 a year by switching from $4.00-per-gallon gas to electricity at $0.15 per kilowatt-hour. When gas prices cross around $3.80 per gallon, AAA data shows charging session requests jump 12–15%. The PHEV, once seen as a half-measure, is now acting as a gateway into the EV ecosystem.
Home Charger Sales Doubled Twice in Six Weeks
The surge in home charging is one of the starkest signals in ChargePoint's data. Sales of its home charger units doubled in mid-March compared to the prior six weeks. Then they doubled again in April. That means by late April, ChargePoint was selling roughly four times as many home chargers as it was at the start of the year, according to Yahoo Finance.
Home charger sales matter because they signal long-term commitment. A driver who installs a charger at home is not just curious about EVs — they are building their daily routine around one. The doubling of sales twice over suggests a wave of consumers making a lasting switch, not just a temporary experiment driven by sticker shock at the pump.
Used EVs Fill the Gap Left by Slow New Sales
New EV sales have slowed. High interest rates and the fading of early-adopter demand have both taken a toll. But the used EV market has surged to fill that space. Cox Automotive data shows used EV sales rose 33% year-over-year as of Q1 2025. A key driver: used EVs are now eligible for federal tax credits of up to $4,000 under the Inflation Reduction Act, making them a strong deal when gas is expensive.
ChargePoint's Wilmer is leaning into this shift. Rather than track new vehicle deliveries, he watches the total number of EVs and PHEVs on the road. That cumulative fleet is still growing, and each driver on it needs to charge. For ChargePoint, the "toll booth" model works as long as the fleet keeps expanding — regardless of whether those vehicles are brand new or bought off a used lot.
Critics Say the Data Reveals EV Limits, Not Triumph
Not everyone reads ChargePoint's numbers as a win for electric vehicles. J.D. Power analysts argue that the 45% spike in PHEV charging actually shows that consumers still want the safety net of a gas tank. They are not ready to go fully electric. The surge in PHEV use, by this reading, is a sign of hesitation — not commitment.
There are infrastructure concerns too. Higher charging frequency puts more strain on public Level 2 chargers in cities. Increased home charger installations also push more load onto local power grids in residential neighborhoods. ChargePoint's own stock has faced pressure from high interest rates and the cost of maintaining its network. The company is betting that rising utilization will eventually justify those costs — but that bet is still playing out.
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