EV stocks still have plenty of juice to continue surging higher. I think investors should keep in mind that these companies are in the early stages of a massive growth opportunity. The transition to electric vehicles is just beginning, and the companies leading the charge in this space are well-positioned to capitalize on the rapidly growing demand for EVs.

Despite the impressive gains many EV stocks have already experienced, the potential for further growth remains significant. Governments around the world are implementing policies and incentives to encourage the adoption of electric vehicles, driven by concerns over climate change and a desire to reduce dependence on fossil fuels.

However, not all EV stocks are created equal. So, for this article, I’ve put together a list of three I believe will have the highest potential to surge ahead of competitors in the same industry. Some of these brands are crowd favorites, while others pursue a more contrarian angle.

Here are three of the best EV stocks for investors.

Tesla (TSLA)

Tesla (NASDAQ:TSLA) leads the EV market with its range of electric cars, battery energy storage and solar products.

Analysts have pointed out that Tesla’s growth in 2024 is expected to be slower compared to the previous year, with predictions indicating the delivery of 2.2 million units, a slowdown from the 37% growth observed between 2022 and 2023. The company’s focus will likely shift toward ramping up Cybertruck production and enhancing its existing vehicle lineup.

However, I believe TSLA will maintain its crown as one of the best EV stocks for investors to buy despite these short-term headwinds. The reason is that Teslas are still American-made, something that Chinese EVs can’t offer the market despite their impressive range of bells and whistles.

A recent survey published by Cars.com demonstrated that American-made vehicles sit at the top of consumer preferences, followed by price amid the ongoing cost of living crisis. I think this, along with being a premier brand in the EV industry, will position it as one of the top EV stocks for investors to keep in mind.

General Motors (GM)

General Motors (NYSE:GM) has made significant strides in the EV space with the development of electric cars and trucks, including the Chevrolet Bolt and upcoming electric versions of its popular models.

I think GM is an underappreciated pick in the EV market. For FY2024, GM expects its net income to range from $9.8 billion to $11.2 billion, supported by a $10 billion buyback program, which is expected to provide a substantial equity yield for investors over the next 12 months.

GM is also focused on achieving variable profit from its electric vehicle operations by the second half of the year and aims for a 2024 adjusted pre-tax profit of $12 billion to $14 billion.

But what sets GM apart from its peers is its cheap valuation. It trades at just 4.6 times forward earnings and 0.33 forward sales, which means there’s plenty of room left for the company’s shares to surge higher.

I believe GM stock is one of those top EV stocks for investors who want an undervalued bargain thanks to its positive outlook and depressed stock price.

Ford Motor (F)

Ford Motor (NYSE:F), another traditional auto manufacturer, has entered the EV race with models like the Mustang Mach-E and the electric Ford F-150 Lightning.

One thing I appreciate about Ford is its dividend yield is robust at 3.51% at the time of writing, making it one of those most competitive EV stocks to also offer a robust cash flow stream for investors. That could make it one of the top EV stocks in this regard.

Ford’s cheap stock price of just around $12 at the time of writing and its dividend yield, makes it a potentially strong pick for retirees who want the upside from its excursion into EVs. Gains could be amplified through covered call strategies or sell cash-covered puts.

The company forecasts an adjusted EBIT of $10 billion to $12 billion for this year, alongside expectations to generate $6 billion to $7 billion in adjusted free cash flow. Meanwhile, its Model e unit, responsible for electric vehicles, reported significant revenue and wholesale increase last year.

Ford is a flexible pick, offering both strong income and growth potential, thus making it one of those EV stocks for investors to consider.

On the date of publication, Matthew Farley did not hold (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.