The electric vehicle (EV) market has seen better days in 2024. The U.S. Federal Reserve’s decision to begin raising rates in the first half of 2022 has ultimately resulted in the highest federal funds rate in more than two decades. This has a lot of implications for the EV space and the EV stocks that Wall Street still loves. New-car buyers will find it difficult to purchase new vehicles due to more expensive car loans as well as car insurance. Moreover, if interest rates remain elevated, which is likely the case, the electric vehicle market as well as the normal combustion engine car market will face continued headwinds.

Still, the Street has formulated an optimistic long-term view on certain companies in the EV sector. Many of those EV stocks hail from China, as the EV sector there continues to exhibit strong growth. Without further ado, below are 3 EV stocks Wall Street still loves.

BYD (BYDDY)

BYD (OTCMKTS:BYDDY) has come a long way from just being a lithium-ion battery maker to the world’s top EV maker. At the end of 2023, the Chinese EV maker was able to subvert American rival Tesla (NASDAQ:TSLA) in electric vehicle sales. The EV slump that’s been captivating EV investors lately also has not had the same, severe impact on BYD’s deliveries and sales as other EV makers. In both January and February, the company’s EV sales increased by double-digit percentage points on a year-over-year basis but decreased from a month-to-month perspective. March was also a resilient month for the EV maker as deliveries surged 46% year-over-year.

Wall Street maintains a “Strong Buy” rating for BYDDY. According to Koyfin, of the 29 analysts covering BYD’s stock, 26 of them have rated its share a “Strong Buy” or “Buy”. It also helps that the EV maker is sitting at a sweet valuation. Currently, BYDDY trades at 16.7x forward earnings.

Li Auto (LI)

Li Auto (NASDAQ:LI) is another leading EV manufacturer from China that’s giving Tesla a run for its money. Particularly, in China, Li Auto’s EV sales surpassed that of Tesla’s China business in late 2023. The EV maker focuses on producing “smart” SUVs with extended-range technology. The company’s flagship model that competes with Tesla’s Model Y is the Li L7, a five-seat premium hybrid SUV.

Fortunately for Li Auto and its customers, the EV maker has decided to tease a cheaper SUV model that it expects to release soon. According to the South China Morning Post, a Hong Kong-based newspaper, the new SUV will be dubbed the “Li L6” and will be a mid-sized, five-seater aimed at families. A model like this comes at a good time considering China’s current economic woes. Folks over there are becoming increasingly cautious on their spending habits, and a cheaper EV is certainly welcome.

Wall Street has been feeling optimistic about LI’s shares as well. There are 26 analysts covering LI, according to Koyfin, and 25 of them have rated Li Auto’s shares a “Buy” or “Strong Buy.”

Nio (NIO)

Nio (NYSE:NIO) is the last EV entrant on this list that has a lot of Wall Street love. However, I’m not the biggest fan of the company. The Chinese EV market has become hyper-competitive, and in these kinds of market environments, it will be increasingly difficult for smaller players like Nio to survive. This is especially true when the key players in the EV space are engaging in a pricing war.

However, Wall Street appears to have different opinions. There are 29 analysts covering NIO, and 17 of them have rated NIO a “Strong Buy” or “Buy”. Given Nio’s March delivery figures, they could have a point. Those figures provided a slight reprieve for the Chinese EV maker after seeing declining figures in January and February. In March, EV deliveries were up 14% year-over-year.

If Nio continues to be resilient against all odds, the company will deserve another look from potential investors.

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.