The electric vehicle boom is accelerating – with no signs of slowing down. In fact, thanks to a strong Federal push for decarbonization, EVs already make up 10% of the nation’s total light-duty vehicle market, says American City and County. So, looking at how to get rich with EV stocks makes sense.

President Biden wants that number closer to 50% by 2030, which could result in 30 to 42 million EVs on U.S. roads alone. Even automakers are seeing big demand. Ford Motor (NYSE:F), for example, just said sales for its Mustang Mach-E are up 110% year over year.

Not only is that creating big opportunities for EV makers like Tesla (NASDAQ:TSLA), but it’s also creating opportunities for lithium and infrastructure. For example, according to the National Renewable Energy Laboratory, we’ll need about $23 billion worth of public charging infrastructure built.

Until demand starts to weaken, some of the best ways to get rich with EV stocks include:

Get Rich with EV Stocks: Lithium Americas (LAC)

One of my favorite ways to trade the EV boom is with lithium stocks, like Lithium Americas (NYSE:LAC). For one, most EVs are highly dependent on lithium supply. Two, lithium supplies can’t keep up with demand. Three, Lithium Americas is working on the Thacker Pass lithium mine in Nevada, along with General Motors (NYSE:GM). Even better, Thacker Pass is the largest lithium deposit in the U.S. and the world’s second-largest. In short, there’s a good deal of opportunity. We also have to consider that once the mine is brought online, it could bring in incredible streams of revenue for LAC.

We also have to remember the company is splitting in two. Lithium Argentina will focus on the Caucharí-Olaroz, Pastos Grandes project, and Sal de la Puna. Lithium Americas will focus on its Thacker Pass lithium project in Nevada.

Get Rich with EV Stocks: Tesla (TSLA)

Or, look at Tesla. After crashing from about $325 to about $100, the stock raced back to $276.54. From here, I’d like to see it retest for $325 again shortly. Even analysts at RBC Capital just raised their price target to $305 from $212. KGI Securities raised its price target to $335. Citi raised its price target to $215 from $175.

Helping, the company just announced charging station partnerships with General Motors and Ford Motor. And there’s also hope TSLA can benefit from the Inflation Reduction Act, which allows some customers to claim up to $7,500 in credits when buying Tesla models. One more thing – At the moment, EVs account for 14% of all auto sales. As that number climbs, TSLA could multiply in size.

Get Rich with EV Stocks: BYD Co. (BYDDF)

Another one of the top electric vehicle stocks to buy is BYD Co. (OTCMKTS:BYDDF). The company just 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.

Even better, BYD is launching a new electric SUV, as direct competition to Tesla’s Model Y. Set for deliveries in the next few weeks, “BYD’s Denza brand said Monday evening it received more than 20,000 pre-orders for its N7 all-electric SUV and announced a price range of 301,800 yuan to 379,800 yuan ($41,680 to $52,452),” says CNBC.

Solid Power (SLDP)

Its chart may be ugly but don’t write off Solid Power (NASDAQ:SLDP). For one, analysts at Needham just reinstated its buy rating with a $5 price target. In addition, the firm added that SLDP is a “well-funded call option.”

Solid Power is also working to expand its relationship with BMW (OTCMKTS:BMWYY) through a joint development agreement. That agreement helped the company see $3.8 million in revenue in the first quarter of 2023, up $1.6 million year-over-year. Plus, the company has two key milestones this year. Investors expect the company to report an improvement in key cell performance metrics. It also is expected to deliver EV cells to its partners by late 2023.

Plus, BYD just beat Tesla in China again. For June, the company sold 251,685 electrified vehicles, which means it sold more than 700,000 EVs in the second quarter. That’s about 100% growth year over year. Better,

Even better, Toyota (NYSE:TM) just said it sees solid-state batteries as a power source for future EVs, which is a sizable catalyst for battery stocks like SLDP. As noted by Reuters, “Toyota will introduce high-performance, solid-state batteries, and other technologies to improve the driving range and cut costs of future electric vehicles (EVs).”

ChargePoint (CHPT)

Just as there is no EV revolution without lithium, there is no mass adoption of electric vehicles without robust networks of charging stations. This makes ChargePoint (NYSE:CHPT) another one of the top EV stocks to buy.

Governments around the world are racing to build out EV charging infrastructure. In the United States, the Biden Administration aims to have 500,000 EV chargers across the country by 2030. To that end, the Infrastructure Investment and Jobs Act, enacted in November 2021, earmarked $7.5 billion to accomplish this goal.

Helping, Stifel analyst Stephen Gengaro says CHPT is a stock that investors should seriously consider, saying it’s his “favorite EV charging name,” as noted by TipRanks.com.

Also, with a buy rating and a $17 price target, he added, “We reiterate our belief that CHPT is well positioned to capitalize on the expected robust growth in EV sales and charger demand over the next several years. We expect the company to deliver solid revenue growth in 2023-25+, and appears on target to deliver positive FCF by the end of calendar 2024.”

Helping, the company is adopting Tesla’s North American Standard (NACS) connectors for new orders and installations for its customers.

KraneShares Electric Vehicles and Future Mobility ETF (KARS)

No list of hot EV ideas is complete with ETFs. Not only do they allow for strong diversification, but they’re also often inexpensive. Look at the Krane Shares Electric Vehicles and Future Mobility ETF (NYSEARCA:KARS), for example. With an expense ratio of 0.70%, this ETF provides exposure to companies involved in the production of EVs and their components.

It’s also benchmarked to the Bloomberg Electric Vehicles Index, which includes stocks involved with electric vehicle production, autonomous driving, shared mobility, lithium and/or copper production, lithium-ion/lead acid batteries, hydrogen fuel cell manufacturing, and electric infrastructure businesses, according to KraneShares.com. Some of its top holdings include Albemarle (NYSE:ALB), BYD Co., Tesla, Panasonic (OTCMKTS:PCRFY), and Lucid Group (NASDAQ:LCID).

Since the start of the year, the KARS ETF ran from about $28 to $31.50. From here, I’d eventually like to see the ETF run back to $39.

Global X Autonomous & Electric Vehicles ETF (DRIV)

Or look at the Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV), for example. With an expense ratio of 0.68%, the ETF invests in companies involved with autonomous vehicles and technology, EVs, as well as EV components and materials, including lithium and cobalt.

Better, according to Global X ETFs, “While global EV registrations increased by an estimated 52% in 2022, EVs were still less than 12% of new cars sold, highlighting substantial room for further adoption.” Since the start of the year, the DRIV ETF exploded from about $19.75 to $25.71. From here, I’d like to see it closer to $32 a share.

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.