Wall Street appears to be softening on America’s electric vehicle (EV) champion Tesla (NASDAQ:TSLA). Tesla shares have fallen 28.5% since the start of trading in 2024, losing its status as one of the “Strong Buy” EV stocks. A majority of Wall Street analysts covering Tesla have rated the U.S. automakers shares at either “Hold,” “Sell” or “Strong Sell.” The reason for this is pretty straightforward.

The EV market is in the midst of a slump, and while interest rates remain elevated for an elongated period, economic growth is not only at risk but so is consumer spending on products that many purchase using debt, such as cars. Despite this, there are a number of EV stocks with “Strong Buy” ratings from Wall Street. Below are just three of them.

Li Auto (LI)

Li Auto (NASDAQ:LI) is a leading EV manufacturer from China. The company’s EV sales overshadowed that of Tesla’s China business late last year. This EV maker particularly focuses on producing smart SUVs with extended-range technology. The company’s flagship model, for instance, is the Li L7, a five-seat premium SUV that can run on both electricity and gasoline and competes directly with Tesla’s Model Y.

While Li Auto’s shares are off to bad start in 2024, down 2.6% on a year-to-date perspective, Wall Street continues to be excited about the stock. There are 25 Wall Street analysts covering LI, and 24 have given the Chinese automaker’s shares either a “Buy” rating or “Strong Buy” rating.

That isn’t to say the things have been totally rosy for Li Auto. The EV maker’s deliveries declined by 35% in February, underscoring the general slowdown in the global electric vehicle market. Still, Li Auto’s share price is trading at an attractive 16.6x forward earnings.

BYD (BYDDY)

Last year, BYD (OTCMKTS:BYDDY) became the world’s top EV maker, trouncing its American rival Tesla in electric vehicle sales. In Q4 2023, BYD sold 526,409 electric vehicles, while Tesla sold 484,507. Despite an EV slowdown, BYD is still increasing its sales year-over-year. In particular, in January 2024, the company sold 205,588 electric vehicles, up 33.1% YOY, but down more than 34% monthly. Similarly, February sales declined nearly 40%, but this is at least somewhat attributable to the Lunar New Year holiday. The Chinese EV maker was not the only large electric vehicle company to report a month-over-month decline in sales growth.

To cushion the slowdown in sales, BYD and its competitors have pursued price cuts in their expensive models. For example, BYD’s Yuan Plus SUV has a price tag of 119,800 yuan, approximately $16,642, which is nearly 12% less than where it was before. This price war will likely intensify, especially as the EV slump continues. The company also remains the second largest player in the global battery market with 14.4% of market share as of January 2024, according to recent study.

BYD is and continues to be larger than Tesla in EV sales, and the stock only trades at 15.7x forward earnings, which could present a great opportunity for interested investors.

Aptiv (APTV)

Aptiv PLC (NYSE:APTV) designs and manufactures vehicle components worldwide. In particular, the company provides electrical and safety technology solutions to the automotive and commercial vehicle markets. The company has primarily two operating segments: Signal and Power Solutions as well as Advanced Safety and User Experience. The former manufacturers a vehicle’s electrical architecture, while the latter provides critical technologies and services for vehicle safety.

The company has delivered double-digit sales growth for the past couple years, likely powered by the rise of electric vehicles which have complex electrical components. Aptiv’s importance in the EV market has led to the company receiving several “Strong Buy” ratings from Wall Street analysts. The company also trades at about 13.8x forward earnings, which is relatively cheap given where many tech sector multiples have gone in the recent months.

On the date of publication, Tyrik Torres 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.