Several electric vehicle charging companies are experiencing sharp declines in their share prices, with some projecting significant annual losses as sales for EVs level off and market leaders worry about the future of the industry and economy.

ChargePoint Holdings reported that its shares dropped 74% in 2023 and missed its initial revenue projections for the third quarter, according to the Wall Street Journal. Blink Charging and EVgo shares also have dropped 67% and 21%, respectively.

Many charging executives have expressed concerns that customers are wary about higher costs and delayed deliveries of electric vehicles, as well as the overall state of the economy. Though more EV chargers are in use, buyers are not as keen to purchase the vehicles.

“I think the investor class has grown weary of the industry’s lack of profitability,” Blink Charging CEO Brendan Jones told the Wall Street Journal.

With the drop in shares, charging providers are growing increasingly worried that Tesla, a leader in electric vehicle production, will start opening its charging network to other drivers in 2024. Those in the non-Tesla EV charging industry struggle with problems, such as reliable equipment and rely on a roundabout challenge — chargers are needed to sell drivers on EVs but no money from chargers will come in unless there is a surge in EV drivers.

The drop in shares comes as the nationwide adoption of EVs faces several obstacles, including a slowing demand, high costs, and a lack of charging stations.

A recent survey by S&P Global Mobility found that 44% of respondents were concerned about the availability of charging stations. States were allocated $7.5 billion to expand EV charging networks across the United States.

Electric vehicles are central to President Joe Biden’s green energy agenda. His administration plans to have 500,000 public chargers by 2030, with the goal expected to be met in 2026. Fast chargers are costly but can charge cars in around 30 minutes. Slow chargers, which are seen at offices or shopping centers, can take several hours.

Tesla has added more than 5,500 fast chargers and 214 slow chargers this year, per government data via the Wall Street Journal. ChargePoint, EVgo, Blink Charging, and other providers have added 3,900 fast chargers and 21,000 slow chargers.

ChargePoint CEO Rick Wilmer told analysts in early December that public spaces, such as offices, restaurants, and hotels, are holding back on installing more EV chargers due to concerns about the economy.

“I think we’re seeing this viewed as a discretionary purchase and the [chief financial officers] of the world are being cautious with discretionary purchasing,” Wilmer told the Wall Street Journal.

Tesla, which owns two-thirds of the nation’s fast chargers, plans to add chargers that will be open to other kinds of cars next year. The company is outpacing all other charging networks combined, opening an average of 483 new fast-charging ports called Superchargers every month.