Electric vehicles (EVs) are reshaping the automotive landscape, and the hunt for under-the-radar EV stocks to buy remains as thrilling as ever. Amidst the bustling EV realm, many businesses are vying for a slice of the future. The real gems are those lesser-known players making major strides. These under-the-radar companies, often overshadowed by industry giants, are efficiently ramping up production, building on their technology, and steadily growing their revenue base.

The EV sector, fiercely competitive and rapidly evolving, is fraught with startups that promise the moon yet falter under financial turmoil. However, certain under-the-radar firms are navigating the challenges adeptly amidst this landscape, moving steadily towards a more promising future. Let’s delve into three promising EV stocks currently flying under Wall Street’s radar.

Xos (XOS)

Xos (NASDAQ:XOS) is a rising star in the EV sector, a specialist in manufacturing Class 5 to Class 8 battery-electric commercial vehicles while offering fleet services and software solutions. A significant aspect of their business involves building commercial vehicles for notable clients, including Loomis, a prominent cash transportation company.

Moreover, Xos has recently introduced its mobile fleet management application, Xoshere Go, building on fleet performance and health monitoring for customers and authorized dealers on the move.

In a recent financial update, Xos reported a third-quarter GAAP EPS of negative eight cents, surpassing expectations by two cents. The company’s revenue stood at an impressive $16.7 million, marking a 51.8% year-over-year increase while exceeding forecasts by $4.75 million. A key highlight for Xos in the third quarter of 2023 was the delivery of 105 units to end customers, the highest in any quarter to date.

The new Xos 2023 step van is engineered to substantially build on traditional diesel trucks’ performance metrics, propelling the firm toward positive free cash flows. Acting CFO Liana Pogosyan anticipates sustained and improving margins as demand for medium-duty EVs escalates. This optimistic outlook and the company’s spectacular recent achievements make Xos a compelling long-term option for investors eyeing the commercial EV sphere.

Rivian Automotive (RIVN)

EV upstart Rivian Automotive (NASDAQ:RIVN) has had its fair share of troubles over the past few years but seems to be back on track. It recently reported impressive third-quarter results, highlighting its vigorous growth and promising future. The company’s top line soared by a remarkable 150% compared to last year’s period, reaching $1.34 billion.

Additionally, Rivian’s annualized production rate surged, exceeding 65,000 EVs while upping its 2024 production guidance from 52,000 to 54,000.

A key area of progress for Rivian is its gross margins and cost management. The firm reported an approximate $2,000 improvement in gross profit per unit delivered in the third quarter. This financial efficiency is extraordinary, especially as Rivian began production of its R1 Max Pack EVs last quarter. These vehicles stand out with an EPA-estimated range of up to 410 miles, one of the highest in the market.

Moreover, Rivian announced it would start selling its delivery vans to companies beyond Amazon (NASDAQ:AMZN). This decision is likely to expand Rivian’s customer base significantly. Furthermore, Rivian’s deliveries in the third quarter rose by 23% compared to the second quarter, totaling 15,564 EVs, while production rose by 17% to 16,304. These figures reflect the company’s growing capabilities and market presence.

Fluence (FLNC)

Fluence (NASDAQ:FLNC) is an energy storage company indirectly supporting the EV market through its expertise in energy storage solutions and AI-driven energy management. These capabilities are imperative for developing efficient EV charging infrastructure and integrating renewable energy into the power grid, enabling sustainable EV charging and advancing the overall EV ecosystem. Boasting a massive $416 million cash reserve, Fluence is on track to achieve positive Adjusted EBITDA by fiscal year 2024.

Despite global competition, especially from China, Fluence maintains its lead in the U.S. market, supported by domestic manufacturing facilities and a critical contract with AESC. This makes it one of those EV stocks to buy.

The company is also poised to benefit from the Inflation Reduction Act, demonstrating adaptability and foresight. Fluence’s partnership with AESC for battery cell supply, qualifying for a 10% ITC bonus, marks a significant step in its U.S. market consolidation. With the utility-scale storage market expected to grow substantially, Fluence’s outlook is promising. It forecasts revenue between $2 to $2.1 billion for fiscal year 2023, with a potential 35% to 40% revenue increase in fiscal year 2024.

On the date of publication, Muslim Farooque 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