EV stocks could be in a prime position to deliver strong gains for investors as the broader indices like the S&P 500 and the Nasdaq take off as part of a bull market. I think that EV stocks can stand to benefit more than companies in other industries — such as tech companies — whose valuations may be stretched too far for the comfort of many investors.

Also, these brands have solid growth prospects ahead of them, making them suitable investments in their own right regardless of the cyclical ups and downs of the market.

So here are EV stocks for investors to consider buying.

Tesla (TSLA)

Tesla (NASDAQ:TSLA) continues to dominate the EV market with a substantial market value, showcasing its capability to produce vehicles at scale, leading to reduced prices and a broader market capture.

There are a few reasons why I think that TSLA could take off this year amid the growing bull market. First, TSLA is projected to deliver roughly 2.25 million vehicles in 2024, with Morgan Stanley’s Adam Jonas highlighting Tesla’s potential to expand its dominance outside of China.

These deliveries are also backed by an expanding product line that could complement its efforts. This is because TSLA plans to ramp up production of the Cybertruck and introduce updated versions of the Model 3 and Model Y, including a new Model Y expected to begin manufacturing as early as mid-2024

Although the consensus on Wall Street is that TLSA is a “Hold,” this rating also comes with a few counterfactuals. Its stock price is predicted to rise 17.89% within the next twelve months, and its EPS is also predicted to surge 31.39% next year to $4.96.

These facts lead me to believe that TSLA is one of those EV stocks that could benefit substantially from the ongoing bull market, and we could see it meeting analyst expectations.

General Motors (GM)

General Motors (NYSE:GM) has made significant strides in the EV sector despite facing setbacks such as the withdrawal of a $5 billion EV development plan with Honda.

Still, GM, to me, is perhaps one of the more underappreciated picks for investors who are looking to invest in EV stocks. The brand is steadfastly committed to transitioning its vehicles to electric. CEO Mary Barra underlines this commitment to eliminating tailpipe emissions from light-duty vehicles by 2035.

It also recently announced the reintroduction of plug-in hybrid options alongside its all-electric vehicle efforts. This move is seen as a temporary measure to bridge the gap as the national charging infrastructure continues to develop, which will be helped by TSLA’s Supercharger network.

Also, due to falling 7.16% in the past year and Wall Street’s consensus price target for GM that implies a 30.22% upside, I think that there’s substantial room for its shares to appreciate in value. This undervaluation is punctuated by its low valuation ratios, trading at just 5x earnings and 0.2x times sales.

Ford Motor (F)

Ford Motor (NYSE:F) is making a strong pivot towards sustainable transportation through the electrification of its vehicles. 

I think this year for Ford will be a strong one, with it announcing seven new all-electric vehicles in Europe by 2024, including both passenger and commercial vehicles. This includes a medium-sized crossover built in Cologne and an electric version of the popular Ford Puma. Ford’s Transit range will also see the addition of four new electric models.

The company is also proceeding with its electric Explorer, planning to start its production in Europe in June, with customer deliveries expected in August. A second EV model is anticipated to begin production by the end of 2024. This initiative is part of Ford’s broader plans to transition to an all-electric lineup in Europe by 2035, aiming to sell 600,000 EVs annually in Europe by 2026.

Another bonus for investors is that Ford pays a great dividend yield of 4.68% and Wall Street expects its share price will increase 8.03% within the next twelve months.

This then makes Ford one of those EV stocks to consider as the bull market heats up.

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.