The electric vehicle (EV) pure plays shifted gears into reverse in recent quarters, allowing some traditional automakers to pull ahead of them, at least over a year-to-date basis.

Indeed, recent actions seem to suggest that the EV titans may have been a tad too ambitious regarding the electric transition. As traditional automakers gradually inch away from ICE (internal combustion engine) vehicles towards hybrids and fully electric vehicles, it will be very interesting to see how consumers react.

In any case, long-term investors with a high pain tolerance may have the opportunity to reap big gains in the next 10 years as the EV transition goes from flooring it to resting on the pedal with just the right amount of weight.

Now that most EV early adopters have had the opportunity to buy, perhaps more of the ICE crowd will opt for hybrids of their favorite models — traditional automakers are doing a fine job of updating their most beloved models for the EV age — before they commit to going 100% electric.

Tesla (TSLA)

Tesla (NASDAQ:TSLA) stock is probably one of the ugliest stocks in the tech scene right now. It has a multi-year head-and-shoulders technical pattern that seems to be in the works. With the lowest Wall Street price target lying in the double digits, it’s an uneasy time to go against the grain with TSLA stock, with a bear case that may unfold.

With concerning headlines (such as the rusting of the stainless steel frame) surrounding the company’s latest Cybertruck offering, questions linger as to what the next big catalyst can be to reignite momentum in the former Magnificent Seven member. While a bull-case scenario with the Cybertruck may help set the stage for a bottoming out, I think the firm needs to shock and impress if it’s to come roaring back above the $200 mark.

Indeed, Tesla’s recently announced robotaxi event could be the catalyst to blast off again. Though only time will tell what the August event holds, a potentially “true” autonomous robotaxi service that competes with major ride-hailing apps could punch TSLA stock’s ticket right back into the Magnificent Seven.

In response to the robotaxi event announcement, Baird turned slightly less negative, taking the stock off its bearish list. Could gargantuan gains be on the horizon? I have no idea. But I wouldn’t bet against the stock ahead of the August robotaxi event.

Rivian (RIVN)

Rivian (NASDAQ:RIVN) is another EV pure-play that’s been moving lower in recent years. The big-name analyst downgrades seem to flow in, with Mizuho recently reducing RIVN stock to neutral at the end of March. Indeed, EV industry pressures seem quite severe. However, Rivian recently clocked in an impressive quarter that saw sales soar 70% year over year.

With production also on the ascent, questions linger about when RIVN stock will climb higher again. At $10 and change, close to all-time lows, many investors seem scarred by the quarters that dragged Rivian to these depths.

In any case, I like the trajectory moving ahead as Rivian looks to offer more compact R3 and R3X models for 2027. I think the model expansion could be big as Rivian looks to make its mark on the EV industry, perhaps edging out the likes of Tesla in the electric truck category.

With shares going for just 2.27 times price-to-sales (P/S) and 1.1 times price-to-book (P/B), Rivian certainly looks like one of the cheapest EV pure-plays on the market.

BYD (BYDDY)

BYD (OTCMKTS:BYDDY) stands out as the Tesla of the Chinese market. The late Charlie Munger had a strong case for why BYD was a better company than Tesla, especially in China. As one of the Chinese stocks that’s not deep in the red over the past five years (BYDDY stock is actually up more than 300% over the past five years), BYD is a standout that EV investors seeking profitability and value should have atop their buy watchlists this Spring.

Though BYD has stalled since peaking in the middle of 2022, I still view the firm as incredibly well-run, with ambitious targets that may not be ambitious enough. For 2024, BYD is shooting to sell around 3.6 million cars. That’s a big target that BYD could surpass, even with the tougher terrain that could lie ahead. As the company reduces prices, BYD could lead the EV pack higher, perhaps sooner rather than later.

When writing, shares trade 18.74 times trailing price-to-earnings (P/E), making it one of the cheapest EV stocks. With impressive production capacity (at home and aboard) and new models that could capture consumers’ hearts, I’d not sleep on the name as others sleep on the EV trade.

On the date of publication, Joey Frenette 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.