I've looked at this space from an infrastructure investment perspective. Its really tough, and generally not considered "infrastructure" by most infra folks because of the lack of long term revenue contracts. There is not a great way to underwrite the risk of utilization of the chargers. The customers need to show up. Unless you can guarantee some of the revenue, you have a lot of capex with no clear path to repay it. The chargers also require a lot of maintenance and the grid connection is challenging with low consumption and high peak load, and long wait to get connected... Investors have been staying away.
Gas stations are a tough business, too. But they've had a century to develop a working business model. A charging station is different enough that the business has entered the race to the bottom before they figured out how to adapt the gas station business model profitably.
