Over the next decade, global leaders want to put millions of electric vehicles on the roads. President Biden, for example, wants 51% of all new autos to be electric by 2030. Even the International Energy Agency believes we could see EV sales reach 14 million this year from 10 million in 2022, creating an opportunity for hot EV stocks to buy.

And while sales have been strong for most of the year, supply is outpacing demand. Sure, according to a Cox Automotive survey, more than half of consumers, as noted by USA Today, are considering a new or used EV, up from 38% in 2021.

But they haven’t acted just yet for a few reasons. Part of the problem is affordability, even with rebates and other incentives. In fact, 43% of those surveyed say EVs are too expensive. There’s also a severe shortage of charging stations in the U.S., which is reportedly preventing even more EV sales.

However, once these issues are resolved, we’ll see further upside in EV stocks to buy, such as:

Tesla (TSLA)

Any discussion of EV stocks to buy has to include Tesla (NASDAQ:TSLA), the 800 lb. gorilla that put the industry on the map. Even with intense competition, it’s still one of the hottest EV stocks on the market, more than doubling since January.

It could see higher highs on key catalysts. Tesla Cyber Truck production will start later this year, with a current backlog of 1.9 million units.

Plus, overall EV sales should increase from $206 billion to $957 billion by 2030, as noted by the Comprehensive Research Report, with Tesla leading the charge.

Earnings haven’t been too shabby either. In the first two quarters, the company beat estimates with Q1 revenues of $23.3 billion and Q2 revenues of $24.9 billion.

Plus, in the first two quarters, it delivered just under 890,000 vehicles, which was up from 565,000 year over year. Granted, margins took a hit year over year. But if those margins show signs of stabilizing in Tesla’s October earnings report, the stock could run even higher.

BYD Co. (BYDDF)

Another one of the top EV stocks to buy now is BYD Co. (OTCMKTS:BYDDF). Just last month, the company delivered 274,386 vehicles, a 4.7% jump month over month, and a 57% increase year over year.

All thanks to stronger demand in China. Even better, the company just posted a 204.68% jump in net profits for the first half of the year thanks to strong deliveries. That works out to net earnings of $1.5 billion from 3.59 billion year over year.

Analysts at Bernstein just initiated coverage of BYD Co. with an outperform rating, noting it could see growth of about 33% through 2025. Even Goldman Sachs recently initiated a buy rating on the BYDDF stock.

 XPeng (XPEV)

XPeng (NYSE:XPEV) has been red hot. In fact, since June, the stock raced from about $7.50 to a high of $23.62.

While it has since pulled back, it’s still among the top EV stocks to buy and hold long term. It just delivered 13,690 smart EVs in August, an increase of 24% month over month and 43% year over year. The company has plans to expand in Germany, Britain, and France next year.

We also can’t forget that Volkswagen just invested $700 million into XPEV to help boost sales. According to Volkswagen (OTCMKTS:VWAPY), the two companies will develop two mid-sized VW-branded EVs for the Chinese market, with plans to roll them out by 2026.

Helping, analysts at Bank of America recently upgraded XPEV to a buy rating. Barclays also raised its price target on XPEV to $8 from $6 a share.

Albemarle (ALB)

Or, we can look at lithium stocks, like Albemarle (NYSE:ALB). Right now, there are concerns lithium supply cannot meet demand. Producers are growing anxious, as are major automakers, like General Motors (NYSE:GM) and Ford Motor (NYSE:F).

ALB earnings and guidance have been solid. Even a recent acquisition of Liontown Resources for $4.3 billion sets it up for massive success.

If the deal closes, Albemarle could take ownership of Liontown’s tire-1 Australian lithium mine, called Kathleen Valley, which holds estimated reserves of about 5.4 million high-grade tons.

We should also note that the first production is targeted for mid-2024, according to the Liontown Resources site.

Several analysts just raised their price targets on the ALB stock including RBC Capital, Bank of America, Mizuho, and Credit Suisse.

Lithium Americas (LAC)

While Lithium Americas’ (NYSE:LAC) stock has seen better days, don’t write this one off either. As you may know , General Motors invested $650 million into its Thacker Pass mine to get it off the ground. The company is gaining big momentum, as it advances late-stage projects in the U.S. and in Argentina.

In the U.S., the company just started production at the Thacker Pass mine.

In Argentina, it just reported it achieved the “first lithium production at Caucharí-Olaroz in northern Argentina, the largest new lithium brine operation to come online in more than two decades.”

With a good deal of momentum and a desperate need for more lithium supply, Lithium Americas is one of the top “must own” EV stocks on the market.

Global X Autonomous & Electric Vehicles ETF (DRIV)

With an expense ratio of 0.68%, Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) invests in the development of autonomous vehicles, EVs, EV components, and materials, such as lithium batteries and cobalt.

Some top holdings include Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL), Nvidia (NASDAQ:NVDA), Toyota Motor (NYSE:TM), Qualcomm (NASDAQ:QCOM), and Apple (NASDAQ:AAPL) to name a few.

Since the start of the year, the DRIV ETF ran from about $19.50 to a high of $27.80 before backing off to $24.15. Once market volatility dies down, I’d like to see the DRIV ETF run back to $27.80 again soon.

Defiance Pure Electric Vehicle ETF (EVXX)

With an expense ratio of 0.68%, the Defiance Pure Electric Vehicle ETF (NYSEARCA:EVXX) tracks the performance of a basket of common shares, of the five largest (by market capitalization) electric vehicle manufacturers, according to DefianceETFs.com.

That includes Tesla, XPeng, Rivian Automotive (NASDAQ:RIVN), Li Auto (NASDAQ:LI), and Nio Inc. (NYSE:NIO).

While the EVXX chart is nothing to write home about just yet, give it time. With U.S. and global sales set to speed up over the long term, EVXX and its holdings should move higher.

On the date of publication, Ian Cooper did not hold (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.