Electric vehicle stocks have been beaten down hard over recent months, leaving many compelling long-term players trading at deeply discounted prices. With the Federal Reserve seemingly at the end of its aggressive rate hike cycle, clearer skies may be ahead for promising high-growth stocks. I believe that now presents an opportunity to grab shares of a few EV stocks I like before the next bull run.

Monetary tightening has made life difficult for EV manufacturers. Sky-high costs of materials, components, and capital and strained consumer budgets and put the brakes on deliveries and order growth. This one-two punch sent most EV stocks into a downward spiral throughout 2023. However, every bear market plants the seeds of the next bull run. Economic growth and risk appetites will likely improve as inflation cools and rates decline. That’s why you should assemble a shopping list of EV sticks to snap up at today’s valuations. Here are three to consider right now.

Li Auto (LI)

Li Auto (NASDAQ:LI) has emerged as one of my top picks in the volatile, but high-upside, Chinese EV market. Despite economic headwinds, Li Auto’s sales continue surging thanks to the popularity of its premium extended-range electric vehicles. With shares beaten down 38% from highs, I believe LI stock presents an intriguing risk/reward profile at current levels below $30 per share.

Li Auto trades at just 1.7-times forward sales and 23-times forward earnings. That’s a valuation that amounts to a rare discount among similar high-growth EV pure-plays. Factoring in analyst estimates for 2025, LI’s forward price-to-earnings ratio drops to only 12-times, while the company’s forward price-to-sales multiple falls to 0.76-times. As macro conditions improve over the next 12-24 months, I expect these projections to trend higher.

Unlike many cash-burning EV startups pushing back production targets amidst rising costs, Li Auto continues to increase deliveries and capture market share in the world’s largest EV market. The company’s healthy balance sheet also provides a competitive advantage in uncertain times, giving Li Auto extensive runway to ride out any lingering economic turbulence in China. Once stimulus measures revive consumer demand and infrastructure spending, this innovative automaker looks poised to shift into an even higher gear.

For these reasons, I’m putting Li Auto on my watchlist to pick up more shares around the $30 level before stronger growth resumes. I believe the company’s long-term prospects remain bright despite recent setbacks.

Xos (XOS)

Turning to an intriguing EV stock flying further under Wall Street’s radar, Xos (NASDAQ:XOS) operates as an electric mobility company designing and manufacturing electric trucks and buses, along with charging infrastructure and fleet management software. After rallying in 2021, XOS stock has retreated close to all-time lows, but I don’t expect it to stay this cheap for long.

While the company likely won’t reach profitability over the next two years, I think positive earnings per share are likely by 2027. Again, these expectations bake in a lot of short-term pessimism. Even then, estimated revenue growth makes Xos look extraordinarily undervalued at barely over 0.1-times 2025 projected sales. Compared to other pre-profit EV players, this valuation disconnect highlights a compelling risk/reward scenario, in my view.

Of course, as a microcap stock with a market capitalization under $50 million, an investment in Xos requires strong risk tolerance. But for investors willing to stomach some volatility, recent developments continue lending confidence in the company’s long-term trajectory.

Xos completed a $125 million shelf offering two quarters ago to fund operations and expansion efforts. As the company utilizes these fresh resources to fulfill its existing backlog of orders, positive catalysts over the next 12-18 months could send shares leaping. Dilution has already slowed considerably.

The company’s niche market focus and strong execution thus far lead me to believe the company’s growth story remains intact despite recent challenges.

Luminar Technologies (LAZR)

In the high-risk, high-reward category of EV stocks, few names offer as much long-term upside potential as lidar technology leader Luminar Technologies (NASDAQ:LAZR). LAZR shares have plunged over 92% from their record peak, but I don’t expect this stock to stay this cheap forever.

As a refresher, lidar utilizes laser-based scanning and imaging to detect surrounding objects. This represents a technological leap over standard camera-based systems used in today’s electric vehicles. However, adoption remains slow as automakers prioritize cost savings during the ongoing demand slump. Once consumer appetite for EVs rebounds, the value proposition of enhanced safety and autonomous functionality positions Luminar for surging growth.

Luminar estimates its future order book will leap to $4.4 billion by 2024. Hitting these targets would transform Luminar’s outlook overnight. And with shares trading near all-time lows, any return of order momentum could catalyze explosive upside in 2024-2025.

Yes, as a firm burning through cash, Luminar still carries substantial risk. The company will likely need to raise additional capital within the next year to fund operations. Profitability also remains years away based on analyst projections targeting 2026 for positive earnings per share to show up.

However, the market is clearly pricing in heavy pessimism over Luminar’s future. If we take 2030 profit estimates at face value, shares trade at just 1-times earnings six years from now. This disconnect reveals a compelling long-term upside. Revenue in 2030 is estimated to eclipse the company’s current market capitalization by a whopping 400%.

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On the date of publication, Omor Ibne Ehsan 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.