We took advantage of the move up in ChargePoint (CHPT) , after they bottomed out below $9 in mid-April and finished Monday at $16. We booked a portion of the profits Monday, and we still kept a rather large position of the shares. The reason is the growing demand for EV chargers, as the adoption of electric vehicles continues and the forthcoming funding as part of the Biden Infrastructure Law. The former will be helped by the $7,500 credit associated with the Inflation Reduction Act, something that should also help accelerate the transformation underway at Ford Motor (F) .

And yes, like that large move in CHPT shares we just described, we are aware of a similar move in F shares, which are up some 35% since bottoming in early July. Being the prudent investors that we are and ones that have no issue booking some profits, this could be another trimming trade in the coming days.

Getting back to the Inflation Reduction Act, it is also expected to help fuel the conversion of government fleets to EVs as well, adding another layer to EV charging demand. And its estimated that $7.5 billion out of $1.2 trillion tied to the Biden Infrastructure Law will be for EV infrastructure growth as part of the 2030 target for 500,000 EV charging station in the U.S. Again, that's just the U.S. and there are similar spending initiatives in the U.K. and Europe, as well. 

There are also commercial deployment as well, such as the one by Starbucks (SBUX) in partnership with Volvo Cars announced the first Starbucks stores with electric vehicle charges powered by ChargePoint. Four charging stations have been installed at the first Starbucks location in Provo, Utah, and additional places to charge will be positioned along a 1,350-mile route that winds through national forests and major community hubs from the Colorado Rockies to the Starbucks Support Center (headquarters) in Seattle. The full list of communities with planned EV charger-enabled Starbucks store locations along the route currently includes: 

Seattle, Wash.

Issaquah, Wash.

Yakima, Wash.

Hermiston, Ore.

La Grande, Ore.

Nampa, Idaho

Twin Falls, Idaho

Unitah, Utah

Sandy, Utah

Provo, Utah

Grand Junction, Colo.

Glenwood Springs, Colo.

Silverthorne, Colo.

Idaho Springs, Colo.

Broomfield, Colo.

In the last few days, ChargePoint competitors Blink Charging (BLNK)  and EVgo (EVGO) reported their latest quarter results, and both reported sizable revenue growth on a year-over-year basis. EVgo's June quarter revenue climbed 49% year-over-year to $9.1 million and reaffirmed its $48 million to $55 million revenue guidance for this year. Blink delivered revenue growth of 164% year-over-year to $11.49 million, beating the consensus forecast of $9.71 million, but it also reported a wider earnings before interest, taxes, depreciation, and amortization loss year-over-year, to the tune of $15.6 million vs. $8.1 million in the year-ago quarter and $12.4 million in the prior one. With $85.1 million in cash exiting its June quarter, and the company not expected to turn a profit until 2025 more than likely there will be a potentially painful secondary offering at some point.

Taking the good and the bad above, EV charging station growth remained strong during the June quarter and should ramp further in the coming ones. The strength of the balance sheet at ChargePoint, which improved during the company's April quarter and left it with $540.6 million in cash equivalents, was one of the reasons why we favored it over other EV charging companies for the AAP portfolio. Even after Monday's profitable trimming, CHPT shares still the second largest position in the portfolio and we are along for the ride.

CHPT, F are holdings in the AAP.