Let’s face it: the EV industry is in a rut. High interest rates and rising inflation have made it hard for consumers to justify buying a high-priced electric vehicle. We can tell how much the industry is struggling by taking a look at the price action of Tesla (NASDAQ:TSLA). Tesla is a barometer of the global EV industry and shares are down by nearly 30% in 2024. While this may not spell great things for a few EV stocks, there are some that are expected to soar.

If Tesla is struggling, the other EV makers have found themselves on life support. This is reflected in the depressed stock prices across the EV board. But for value investors, the time to buy is when nobody wants anything to do with the stock. That time is rapidly approaching for the EV industry. Here are three EV stocks that could overcome challenges and make you a fortune one day. 

EV Stocks That Could Make You a Fortune: Rivian (RIVN)

Rivian (NASDAQ:RIVN) is an EV maker that currently has two consumer models on the roads. It was a highly coveted IPO when it went public in November 2021, but has lost more than 90% since it debuted. Analysts believe there is an upside for the stock with a one-year price target range of $10.00 to $30.00. The average price target of $15.76 means there could be more than 50% upside from its current price. 

A lot of the headlines about Rivian have to do with how much money it loses per vehicle. Remember that at one point Tesla had this problem as well. However, Rivian has three new mass-market-priced vehicles on the way for the 2026 model year, which is likely late 2025. This should help turn the company around by increasing demand for its products.

Rivian has grown revenue for ten straight quarters since the launch of its vehicles in 2021. After falling by more than 90% since inception, shares of RIVN are now trading at just 2x sales which is the cheapest the stock has ever been relative to revenue. If you think the EV industry needs competition, Rivian is a good bet at these prices for a rebound in the future. 

Nio (NIO)

Nio (NYSE:NIO) is a Chinese EV maker that is known for its battery-swap technology and luxury EV models. The company currently sells its EVs in China and several markets in Europe including Germany and Norway. The stock has an average price target of $9.19 and a street-high price target of $21.80 which represents more than 300% upside from the current price.

This stock gained a lot of popularity during Tesla’s massive run a few years ago. In February 2021, the stock hit an all-time high price of $62.84 but has tumbled since then. In the meantime, Nio has continued to build its brand and now offers nine EV models. As of April 2024, Nio has delivered nearly 500,000 vehicles. Nio also announced plans for an economy brand that focuses on family-friendly models at discount prices. It recently unveiled the Onvo L60 which is designed to be a challenger to Tesla’s Model Y.

Revenue continues to grow for Nio with a 62% CAGR over the past five years. Despite that growth, Nio trades at just 1.1x sales. Nio has a lot of competition in China including from Tesla itself. But at these prices and taking into consideration Nio’s growth, five years from now the stock could look like a bargain. Strike while the iron is hot and grab this among your other EV stocks.

Polestar (PSNY)

Polestar (NASDAQ:PSNY) is a Swedish EV brand that is owned by Volvo and the Chinese automaker Geely. Like Nio, Polestar’s stock has taken a beating since the peak of the EV sector. The stock has an average analyst price target of $3.18 which is more than double the current share price. The largest price target is $9.00 which is a staggering 600% higher than today’s price. 

This EV brand certainly has some OEM royalty in its blood. Being owned by Volvo is a big deal, especially in Europe. Polestar plans to launch two new vehicles in 2024 and an additional two in 2025. The company anticipates this will bump deliveries to between 155,000 and 165,000 annually. 

Polestar is not a profitable company. In fact, many believe it won’t be profitable until at least 2030. PSNY currently trades at about 0.9x sales while modestly growing its revenue at a CAGR of 5.0% since it first started selling vehicles three years ago. The short-term may be bleak, but like Rivian and Nio, if Polestar can survive, the stock can rise substantially when EV demand returns. Do yourself a favor and grab this and the rest of these EV stocks.

On the date of publication, Ian Hartana and Vayun Chugh 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.