Transportation has come a long way, from gas cars to flying cars and EVs. The transportation sector, a multibillion-dollar industry, is constantly evolving to meet global demands. Innovations like electric vehicles, long-range aircraft, drones, and flying cars reshape transportation, offering opportunities for savvy investors.

The bottom line is that this market is huge. The electric vehicle market is expected to continue to grow at breakneck pace, as governments shift their focus toward incentivizing electrification and car makers shift their production lines accordingly.

Here are three EV stocks for investors seeking millionaire-maker potential. These are companies I have on my own personal watch list, and am considering adding positions at current levels right now.

Li Auto (LI)

The electric vehicle revolution has sparked a resurgence of streamlined designs to enhance range. In the MPV segment, sleek, aerodynamic designs are prevalent, like Li Auto’s (NASDAQ:LI) ‘Mega’. Benjamin Baum, Li Auto’s senior exterior design director, highlights this focus on aerodynamics for extended range.

It’s worth noting that Li has also identified a sweet spot with hybrid SUVs. Plug-in hybrids (PHEVs) offering a 200-mile battery range are sufficient for daily city driving and easy home charging. These cars’ gasoline engine extends this range to 800 miles, eliminating range anxiety, which is among the key reasons car buyers look past EVs to gasoline-powered vehicles.

Li Auto’s impressive vehicle lineup has led to impressive growth of late. The company saw a remarkable 663.8% year-over-year increase in revenue this past quarter, delivering 34,914 vehicles in August 2023. This success stems from its niche focus on family-oriented EVs with extended range. Despite a slight stock price dip from its peak, Li Auto’s robust financials make it a safe, long-term choice for those looking at EV stocks to buy now.

ChargePoint (CHPT)

Expectations are that the growth we’ve seen in EV purchases may slow or decline in the coming quarters, if interest rates remain where they are. However, it’s clear that demand for EV charging remains steady, and is likely to continue to grow as the overall EV fleet on the road surges.

ChargePoint (NYSE:CHPT) is among the leading global suppliers of EV-charging technology, offering investors with unique exposure to this space. Notably, over the past six months, CHPT stock has declined approximately 70%, driven lower by reduced near-term earnings expectations and a weakening EV market more broadly.

Some of these concerns certainly hold water, and CHPT stock remains a more speculative name than the other two on this list. That said, I think the stock’s longer-term upside remains robust, assuming the company can properly monetize its core charging network.

The Biden administration continues to invest heavily in EV charging infrastructure, providing ChargePoint with a direct catalyst for growth. Additionally, the company’s existing footprint of more than 15,000 charging locations worldwide is impressive, providing investors with exposure to a company that commands a 70% global market share.

ChargePoint’s revenue from fleet services remains solid, supporting their path to profitability. Although the company issued equity recently, it was a necessary move in order for the company to achieve their goal of adjusted EBITDA profitability in Q4 next year.

While not yet profitable, ChargePoint holds a strong market position and shows promise as a potential winner in the electrification race.

BYD Co. (BYDDF)

BYD Co. (OTCMKTS:BYDDF) has made a significant mark in the global EV and battery manufacturing sector. Backed by Warren Buffet and other prominent investors, BYD achieved substantial EV deliveries, becoming the second-largest battery manufacturer globally and the largest EV producer overall.

Notably, BYD reported a remarkable 204.7% profit increase and 73% year-over-year growth in the first half of this year. In August, the company reported it delivered 274,386 vehicles, a 57% year-over-year increase. Expanding globally, BYD also acquired Jabil Inc.’s mobility division, enhancing its EV component capacity and improving the company’s growth trajectory moving forward.

Additionally, it’s worth pointing out that BYD’s gross margins have also been improving, surging to 7.8% from 5.3% a year earlier. This margin boost resulted in substantial profit growth, with the company’s bottom-line numbers surging 139%. BYD’s strong financial performance defied economic headwinds, benefiting from favorable industry trends. Its revenue growth outpaced costs, enhancing margins and profitability. The increased cash flow allows BYD to invest in new technologies and expand internationally. Thus, despite China-related regulatory headwinds, BYDDF stock is one I continue to think could outperform the market over the next five to 10 years.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.