Electric vehicle sales have been increasing at a robust pace in the last few years. In 2022, global EV sales exceeded 10 million. Further, EV sales for last year are likely at 14 million and would account for 18% of total car sales. As healthy growth sustains, I am bullish on some of the best EV stocks.

I would further add that these numbers are dwarfed in comparison to the estimates for 2030. It’s expected that global EV car stock will expand to 350 million vehicles by the end of the decade. Also, EVs would represent more than 60% of vehicles sold globally.

A key conclusion from these estimates is that there is huge growth potential for EV companies. Revenue can increase multi-fold in the next five to seven years. This is likely to translate into significant cash flow upside and massive value creation.

As the world faces near-term macroeconomic headwinds, it’s a good time to consider exposure to attractively valued EV stocks. In my view, a portfolio of these stocks can deliver 10x returns by 2030.

Tesla (TSLA)

A sub-portfolio of electric vehicle stocks would be incomplete without considering exposure to Tesla (NASDAQ:TSLA). In July 2023, TSLA stock had surged to highs of $299. The considering correction has followed to current levels of $209 and it seems like a good accumulation opportunity.

With mass deliveries of Cybertruck impending, I am positive on the stock trending higher. Further, Roadster is also in the pipeline and I believe that Tesla’s deliveries growth will be healthy in the next few years.

In the long term, Tesla has set an ambitious target of producing 20 million EVs annually by 2030. Of course, there will be challenges related to competition. However, the market has potential and Tesla has high financial flexibility to set-up multiple new factories.

Tesla has also indicated that it’s committed to halving EV production cost. If this is achieved in the coming years, the Company can see delivery volumes skyrocketing in emerging markets like India and Indonesia, among others.

Li Auto (LI)

Among emerging Chinese EV stocks, Li Auto (NASDAQ:LI) looks like the best bet. While Chinese market sentiments have depressed the stock, I am bullish on multibagger returns over the next five years. It’s worth noting that LI stock is trading at a forward price-earnings ratio of 20. With the Company is growing at over 100% on a year-on-year basis, undervaluation is significant.

For 2023, Li Auto reported deliveries growth of 182.2% on a year-on-year basis to 376,030. With the launch of Li MEGA in March, I expect deliveries growth to remain strong. Further, deliveries growth will be supported by aggressive retail expansion within China.

Li Auto has also been active on the innovation front. The Company has partnered with Nvidia (NASDAQ:NVDA) to explore the integration of artificial intelligence and electric vehicles. The Company will be using Nvidia’s Drive Thor autonomous driving chip in its next-generation EVs from 2025.

Panasonic Holdings (PCRFY)

Panasonic Holdings (OTCMKTS:PACRFY) is among the undervalued millionaire maker EV stocks to buy. PCRFY stock trades at an attractive forward price-earnings ratio of 7.8 and offers a dividend yield of 2.38%. With ambitious expansion plans for the EV battery business, I am optimistic on the stock delivering multibagger returns.

Panasonic Holdings has guided to increase EV battery capacity to 200GWh by financial year 2031. This would imply quadrupling of capacity and translate into healthy revenue growth. At the same time, the Company has guided for continued improvement in EBITDA margin.

It’s also worth noting that innovation will continue to provide an edge to Panasonic. The Company is working on batteries that have higher energy density. The target is to increasing volumetric energy density to 1,000 Wh/L by 2031. This will be 25% higher from current levels. With aggressive expansion and focus on innovation, Panasonic is positioned to be a value creator.

Albemarle Corporation (ALB)

It’s expected that global demand for lithium will surge five-folds by 2030 on the back of demand for EV batteries. It’s therefore important to hold few lithium stocks for multibagger returns. With lithium prices correcting sharply, it’s the best time to accumulate undervalued names.

Albemarle Corporation (NYSE:ALB) stock looks massively undervalued at a forward price-earnings ratio of 5.6. The 1.33% dividend yield stock might have bottomed out and I expect a strong rally after consolidation.

It’s worth noting that Albemarle is likely to see significant EBITDA margin contraction. However, that’s discounted in the stock. An important point to note is that even with depressed lithium price, Albemarle has guided for operating cash flow of $600 to $800 million for 2023.

Once lithium trends higher and Albemarle boosts its lithium conversion capacity, cash flows will be robust. Albemarle targets increasing lithium conversion capacity to 600ktpa by 2027. This would imply tripling of capacity from 2022 levels. Of course, a lot depends on the time-line for recovery in lithium prices.

Lithium Americas (LAC)

Lithium Americas (NYSE:LAC) is a lithium miner that’s likely to deliver 10x returns within the next five years. At a market valuation of $741 million, Lithium Americas is a steal considering the asset potential.

To put things into perspective, the Company’s Thacker Pass project has an after-tax net present value of $5.7 billion. Further, the asset has a mine life of 40 years and is expected to deliver an average annual EBITDA of $1.1 billion. Therefore, the asset is a cash flow machine and once lithium trends higher, LAC stock is likely to skyrocket.

I must add here that I don’t see any financing concerns related to project construction. General Motors (NYSE:GM) will be infusing $650 million in the project. The Company has also committed a ten-year offtake agreement from phase one of the project. Therefore, lithium price is the only factor that holding back the stock from surging. I would buy at current levels and hold with patience for the next few years.

Solid Power (SLDP)

Solid Power (NASDAQ:SLDP) is among the high-risk bets that can deliver multibagger returns. The Company is working towards the commercialization of solid-state batteries. If there is success on that front, SLDP stock is an easy 10x from current levels of $1.5.

In terms of news flow, there are two important points to note. First, Solid Power has made its first A-1 EV cell deliveries to BMW to formally enter automotive qualification. Positive results from validation testing can be a game-changer.

Further, the Company has deepened its partnership with SK On. As a part of the agreement, Solid Power will license its cell designs and production processes to the latter. Additionally, Solid Power will be installing a pilot cell production line for SK On at Korea facility.

Technology licensing is likely to help in accelerating the commercialization through parallel research and development. I must add that in December 2022, the Company licensed its cell design and manufacturing process to BMW (OTCMKTS:BMWYY) for parallel R&D. Therefore, with strong partners, I am optimistic on Solid Power achieving commercialization by 2026.

Blink Charging (BLNK)

Among EV charging stocks, Blink Charging (NASDAQ:BLNK) looks attractive after a big correction. With positive news on the financial front, I expect BLNK stock to trend higher.

The first reason to be positive on Blink is stellar growth. For Q3 2023, the Company reported revenue of $43 million. On a year-on-year basis, revenue surged by 152%. With significant penetration potential, I expect healthy revenue growth to sustain in the coming years.

The second positive to note is that Blink has guided for gross margin of 30% for 2023. Further, the Company expects to achieve positive adjusted EBITDA by December 2024. With healthy revenue growth, I expect continued margin expansion on operating leverage.

From a growth perspective, the Company has contracted 1,435 DC-fast chargers during the first nine months of 2023. This has translated into $27 million in recognized revenue. Product diversification is likely to support strong growth.

On the date of publication, Faisal Humayun did not hold (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.