By now, we’re all aware of the electric vehicle (EV) boom. We know global leaders are racing to put millions of them on the roads by 2030 to battle climate issues, and global sales are accelerating. In fact, we’re all aware of most of the top electric vehicle stocks to buy. All thanks to massive demand.
According to the International Energy Agency, 10 million EVs were sold in 2022. The agency also noted that “more than 26 million electric cars were on the world’s roads in 2022, which represents a 60% increase relative to 2021.,” as noted by CNBC.
The demand is only increasing. Automotive manufacturer, BYD (OTCMKTS:BYDDF) saw net income explode 411% in its first quarter, year over year. Li Auto (NASDAQ:LI) just reported April sales growth of 516% year over year. Even more impressive, some U.S. states, such as California, reached their EV sales goal two years early.
In 2012, California Governor Jerry Brown, signed an executive order targeting 1.5 million “zero-emission vehicles” sold in the state by 2025. As of March 31, California drivers have purchased 1,523,966 EVs in total since 2011, according to the California Energy Commission, as noted by CleanTechnica.
But that’s just the start. With more EVs likely to hit the roads, there’s still plenty of opportunity in these top electric vehicle stocks to buy.
Lithium Americas (LAC)
Lithium Americas (NYSE:LAC) is the developer of North America’s largest known lithium source, the Thacker Pass mine. As a result, that makes it one of the top EV stocks to own. For one, the world is likely to see lithium shortages by 2025, according to the International Energy Agency, driven by the push to electrify transportation.
The company also started construction at its Thacker Pass lithium project in Nevada after clearing regulatory hurdles. Even more impressive, the company just received a $650 million investment from General Motors to accelerate the development of the project. LAC should make its first delivery in the second half of 2026, at which point the profits should roll in.
Global X Autonomous & Electric Vehicles ETF (DRIV)
One of the best ways to diversify your artificial intelligence (DRIV). In fact, the DRIV ETF tracks an index that uses AI to select global stocks involved in the development, production, or supporting technology of autonomous and electronic vehicles.) exchange-traded funds (ETF) portfolio, as it applies to electric vehicles, is with an ETF, such as the Global X Autonomous & Electric Vehicles ETF (NASDAQ:
With an expense ratio of 0.68%, some of its top holdings include Tesla (NASDAQ:TSLA), Nio (NYSE:NIO), Qualcomm (NASDAQ:QCOM), Apple (NASDAQ:AAPL), Advanced Micro Devices (NASDAQ:AMD), and Toyota Motor (NYSE:TM); it does so at a lesser cost.
Since Jan, the DRIV ETF accelerated from about $20 a share to $22.33. I’d like to see this one closer to $40 a share, too, as the EV story accelerates.
BYD Co. (BYDDF)
Another one of the top electric vehicle stocks to buy is BYD Co. (OTCMKTS:BYDDF). The company recently posted a 411% jump in first-quarter profits year over year. In the quarter, the company’s net profit soared to 4.13 billion yuan, or about $600 million from 808 million yuan a year earlier. Sales were up about 80% to 120.2 billion yuan from 66.8 billion yuan. All as Chinese consumers raced to buy electric vehicles. Even better, the company is looking to expand in overseas markets as well.
On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.