EV stocks should be on every investor’s radar. Unfortunately, the most talked about names like Tesla (NASDAQ:TSLA) are likely to already have their upside priced in. This is due to the sheer interest in such marquee companies.

Therefore, EV stocks that fly under the radar can be worthwhile investments. The tradeoff is that less analysis is posted about these companies. However, they could have potentially higher upside if other investors haven’t jumped on board their catalysts. The downside is that less information is available for people to make investment decisions.

Yet, these EV stocks could be the winning ticket for investors comfortable with buying shares of less popular companies. So, let’s explore three lesser-known EV stocks for investors to consider.

NIO (NIO)

NIO (NYSE:NIO) is a Chinese EV manufacturer known for its battery technologies and range of electric vehicles.

Also, the company is somewhat polarizing. In fact, some analysts swear by the brand’s potential while others advise investors to stay clear. Wall Street consensus marks it a buy, according to twelve analysts who cover the stock.

Detractors of NIO stock point toward its high cash burn rates and risk of shareholder dilution that plague the company. Notably, uncertainty floats around its ability to become cash flow positive.

However, some analysts take a different view. They point to the ET9 vehicle, which will target the upper end of the market. Proponents feel it would give NIO a crucial competitive advantage thanks to its battery-swapping technology. The latter improves charging times, making the EVs more convenient to drive, as reported by Barron’s. Additionally, the ET9 comes with bells and whistles expected from a high-end luxury car. And, of course, it includes an on-board AI assistant and premium interiors.

If ET9 becomes a hit, it may play a large part in successfully positioning itself in the luxury market. And, it could come alongside names like Tesla. It may change the perception of a Chinese car offering good value, luxury, and performance. This would strike a careful balance of offering owners the best of all worlds. For now, this makes NIO a more attractive option than TSLA due to the differences in valuation.

XPeng (XPEV)

Chinese EV maker XPeng (NYSE:XPEV) focuses on making technology-driven vehicles with autonomous driving capabilities.

XPEV’s recent delivery performance shows China is becoming a powerhouse in the EV market. It’s taking a bite out of the U.S. and European brands that have fallen somewhat behind over the past year.

For instance, XPEV stock’s deliveries reached a new high of 20,155 vehicles in December. Also, it sold 60,158 vehicles, which was in line with analyst expectations. XPEV appears to be nailing the mid- and bottom-end of the market for EVs. This is demonstrated by its consistently high numbers for 2023 and its backlog of 30,000 vehicle pre-orders, suggesting pent-up demand.

The standout benefit of XPEV is the low cost on a price-to-sales basis. It trades at 4.39 times sales on a trailing twelve-month basis, but on a forward basis, it’s just 0.23. This attractiveness is buoyed by a projected five-year revenue growth forecast of 29.93%.

Granted, the company did lose $1.57 billion last year, which explains the downside risk to its valuation. Regardless, it may be too cheap at its current levels to ignore.

Li Auto (LI)

Specializing in electric SUVs, Li Auto (NASDAQ:LI) is also known for offering a combination of combustion and electric driving capabilities.

Now might be an excellent time for investors to eye up LI stock as a potential investment. The thesis concerns the upcoming launch of its first electric car, the MEGA multi-purpose vehicle (MPV), in March this year. Substantial interest in the vehicle is abuzz, as the company recently reported over 30,000 pre-orders from Chinese consumers.

Investors buying shares of companies like LI Auto today probably won’t have regrets twelve months from now. This is due to the large sell-offs in the Chinese indices reported January 1. In fact, that was their worst trading day since 2019. The reason is due to some economic wobbles in China and concerns about its real estate markets and outlook for the future.

But for those who are bullish on these stocks, this may be a blessing in disguise to get cheaper shares than expected.

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