Rheinmetall Strikes a Dual Note: EV Infrastructure Push Meets Shifting Competitive Landscape
23.06.2026 - 12:37:25 | boerse-global.de
The defence contractor that has ridden Europe’s rearmament boom is quietly expanding its civilian footprint, even as a major geopolitical play reshapes its competitive arena. At the Power2Drive trade fair in Munich, Rheinmetall’s Pierburg subsidiary unveiled two new variants of the Curb Charger, a kerbside electric-vehicle charging system designed to blend into urban streetscapes. A robust cast-iron version joins the existing concrete model, while a flush-mount option targets modern logistics hubs with 22 kW charging capacity. The integrated CurbSwap electronics module can be swapped out entirely, promising faster maintenance. Cities including Cologne, Düsseldorf and Dortmund already use the chargers, and further municipalities are expressing interest in this "invisible" infrastructure.
Yet the market’s attention remains fixed on a different sort of power play. The German government is taking a 40% stake in KNDS, the manufacturer of Leopard and Boxer tanks. KNDS is both a partner and a competitor to Rheinmetall, and the state’s direct involvement in technology development and production changes the dynamics of many joint projects. Investors have been wary, and the stock has paid the price.
Oddo BHF analyst Yan Derocles sees the sell-off as overdone. He upgraded Rheinmetall to "Outperform" on 22 June, calling the stock "growth at a discount price". The shares trade at a discount of more than 20% to the European defence sector average, with a price target of €1,670. Derocles argues that the market is too heavily discounting concerns over order slowdowns and diplomatic developments in the Iran conflict, while the underlying demand from Europe’s rearmament programmes remains robust.
Should investors sell immediately? Or is it worth buying Rheinmetall?
A further bullish signal came from insider buying. ATP Holding GmbH, closely linked to chief executive Armin Papperger, purchased Rheinmetall shares worth around €4 million on 22 June at an entry price of €1,161.46 each. Meanwhile, the company is reportedly exploring a joint venture for defence production in Japan, according to Nikkei — a move that would extend its global reach well beyond Europe.
For all that, the chart remains deeply bearish. The stock recently traded at €1,184.20, a gain of 0.51% on the day but still down roughly 26% since the start of the year. The distance from last year’s all-time high stands at a staggering 40%. The 200-day moving average sits at €1,577, meaning the current price is nearly 25% below that level. The 50-day average near €1,271 represents the first meaningful resistance on any attempt to recover.
Financial targets for the charging business have not been disclosed, but the Messeauftritt underlines a strategic push beyond defence. For a chart-based turnaround, the company now needs concrete large-scale orders. The broader market mood isn’t helping: the German Engineering Federation (BDI) slashed its 2026 growth forecast to 0.4%, putting additional pressure on the DAX.
Rheinmetall thus finds itself pulled between powerful forces: structurally high demand from Europe’s military spending, a new competitive landscape shaped by state intervention, and tentative steps into civilian EV infrastructure. Whether the analyst’s €1,670 target is reached depends on how quickly the market prices in the uncertainties — and how soon the civil side starts to matter.
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