You can’t look at the electric vehicle (EV) sector without considering battery stocks. That’s because batteries, specifically lithium-ion batteries, are as essential to the EV market as semiconductor chips. In this emerging sector, there are still many battery stocks with millionaire potential.  

Here’s why: A 2022 analysis by McKinsey forecasts that the entire lithium-ion battery chain could reach a value of $400 billion by 2030. This would equate to growth of more than 30% annually between 2022 and 2030. 

Many EV companies are making significant investments to ensure an uninterrupted supply. However, despite the attention the EV market is receiving, growth is still in the early stages. 

That being said, the pace of EV sales is slowing. Nevertheless, the long-term direction is higher and could begin to accelerate if the Federal Reserve lowers interest rates as is expected at some point in 2024. That means, just like investors in artificial intelligence (AI) look to buy chip stocks, if you’re looking to invest in EVs, it’s a good time to consider battery stocks.  

Here are three battery stocks with millionaire potential for investors with a long-term outlook.  

Panasonic (PCRFY) 

Panasonic (OTCMKTS:PCRFY) is one of the undisputed leaders in this sector, yet it remains one of the battery stocks with millionaire potential. The company has an existing contract with Tesla (NASDAQ:TSLA). However as the last few months have shown, this is why investors need to have patience with battery stocks.  

Panasonic cut battery production by 60% in October as a harbinger of falling EV sales. This announcement led to a 26% drop in PCRFY. However, since that point, the stock has recovered about 10%. Over the last 12 months, the stock has posted an 11.2% gain despite the volatility in the sector.  

The growth in Panasonic stock is expected to come from the company’s goal of increasing output at its Nevada facility by 10% in fiscal year 2025. In addition to the increased output, Panasonic has plans to improve the energy density of its batteries. 

Sixteen analysts have issued a price target for PCRFY stock and give it a consensus target of $13.37 which is a 41% price increase from Feb. 6.  

Lithium Americas (LAC) 

Lithium Americas (NYSE:LAC) provides investors a different way to invest in battery stocks. As a lithium miner, Lithium Americas holds 100% interest in the Thacker Pass, the largest measured and indicated lithium resource in the United States. The potential output is one reason that General Motors (NYSE:GM) is investing $650 million in the project’s financing.  

Lithium remains an essential component of the lithium-ion battery. However, similar to the EV market, 2023 was a difficult time for lithium miners like Lithium Americas as lithium prices normalized after rising to all-time highs in 2022.  

Despite the recent challenge, lithium prices are unlikely to remain depressed, especially if the Federal Reserve cuts rates as expected. That would stoke demand for EVs which in turn will raise the price of lithium.  

Lithium Americas is a small-cap company with a $653 million market cap and no revenue coming in the door. Production won’t begin in the Thacker Pass until 2026 at the earliest. However, analysts remain optimistic and have established a $10.23 consensus price target, which is a 150% upside.  

Amprius (AMPX) 

As I frequently do, I’m leaving you with a speculative stock, but one that may be one of the best battery stocks with millionaire potential. Amprius (NYSE:AMPX) is not your ordinary manufacturer of lithium-ion batteries. The company is taking the challenge of energy density head on.  

A battery with higher density equates to more capacity in less space, leading to faster and less frequent charging. Amprius achieves this with a battery design that uses a silicon anode design in place of graphite to improve both energy density and cost.  

This is a tiny company with a $363 million market cap. Currently, the company’s customer base is mostly tied to aviation applications including drones, high-altitude satellites, and electric vertical take off and landing (eVTOL) vehicles.  

While, AMPX stock is down 27% in the last 12 months, it has improved in the last three months, rising 27%. Seven analysts have a consensus price target for the stock at $11.57 which would be a gain of over 158%.  

On the date of publication, Chris Markoch 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.