The electric vehicle industry slowed down by the end of 2023 due to several macroeconomic conditions, including low consumer spending. However, it is predicted that one in four cars will be an EV by 2030, which means a massive rise in demand. The United States alone sold over 1 million cars last year, a major milestone for the industry. Despite a slowdown in demand, EVs will continue to rule the road. As macroeconomic conditions improve, we could see an improvement in demand, which will help EV companies see stronger profits. The transition towards EVs will make several investors rich, and if you want to make the most of this opportunity, here are three EV stocks that can turn $1,000 into $1 million. Let’s take a look at them.

EV stocks to buy: Tesla (TSLA)

As one of the biggest players in the EV industry, Tesla (NASDAQ:TSLA) leads the change. It may be down today, but it will not be out. Trading at $199 today, the stock is down from an all-time high of $400. It is down 19% year to date, and this is your chance to grab the stock.

One has to credit the company for introducing the world’s most stylish and technologically advanced EVs. Despite a drop in sales growth in 2023, Tesla keeps going. The sales slump is temporary and is mainly caused by the macroeconomic conditions that led to low consumer spending.

It saw a 38% rise in deliveries and a 35% rise in production in 2023. In the fourth quarter, the company saw only a 3% rise in revenue, and the full-year sales growth reached 19%. If you look at the numbers independently, they are fine, but comparing them to the prior year’s numbers could be disappointing.

Looking at the bigger picture, Tesla remains attractive. The company is led by a man who believes in innovation and is investing in projects that could generate millions in the long term. Besides working on a cheaper vehicle to add to its lineup, the company has been working to achieve fully autonomous driving capabilities. Once that works out, Tesla can launch a fleet of self-driving taxis. Elon Musk is also investing in robotics to increase production.

TSLA stock isn’t cheap but remains one of the best EV stocks. If you believe in the future of EVs and the ability of the company to generate returns on its investments, this stock can turn your investment into millions.

Li Auto (LI)

A Chinese EV maker and one of my favorite EV stocks, Li Auto (NASDAQ:LI), has been firing on all cylinders. Having reported impressive delivery numbers in the past few quarters, the company beat analyst expectations in the results in the past.

I believe it will do so again in the upcoming results, which are expected to be announced on February 26. Its deliveries stood at 31,165 in January, and while it is down month over month, it is up 105% year over year. Its cumulative deliveries for the year hit 664,529. The slump in monthly deliveries could be due to the holiday season, low consumer spending, and cold weather.

With a target of delivering 300,000 vehicles in 2023, the company has sold 376,030 vehicles, which is nothing but impressive. It delivered over 50,000 cars in December, and we could see it achieve the same momentum later this year. Multiple catalysts are working for Li Auto, and I am sure it will have an exceptional 2024.

Firstly, its Li MEGA will start deliveries on March 1, and the company aims to expand its car portfolio to meet family users’ demands. It will also roll out Li L7, Li L8, and Li L9 this year, leading to higher growth and more robust delivery numbers.

Trading at $31 today, the stock is down 8% year to date and down 20% in the past six months. Any pullback in the stock is a chance to buy. LI will generate solid returns in the years to come, and as consumer spending improves, we could see it report substantial delivery numbers. I believe the stock can double in the year.

General Motors (GM)

It surprised many investors when General Motors (NYSE:GM) reported a better-than-expected revenue for the recent quarter. While the company saw a decline in quarterly revenue to $43 billion, its EPS improved to $1.59. The management also had a positive outlook for 2024 and guided for $8 billion to $10 billion in free cash flow, while it expects earnings of $8.50 to $9.50 per share.

General Motors suffered due to the new union contracts in the fourth quarter, which affected the numbers. However, it expects the cost of the autonomous driving unit to come down to $1 billion in the year. The stock is currently trading at $38 today, up 16% in the past six months and 7% year to date. It still looks undervalued to me and could continue moving higher.

GM stock surged after the company reported results. While the company has scaled back its electric vehicle rollout plans, it still expects continued business growth. The management wishes to achieve profitability in the EV segment in the second half of the year and is making all efforts to see an improvement in the division.

General Motors is a well-established automaker with several years of experience in the industry. It knows how to navigate the market’s ups and downs and understands its customers well. This is one stock to buy and hold for the long term. GM stock could double your money in the coming years.

On the date of publication, Vandita Jadeja 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.