cheap electric vehicle stocks are a little easier to find since EV stocks were crushed in 2022.
But don’t be so quick to write off these cheap electric vehicle stocks just yet, many stocks fell victim to the shenanigans of 2022. The electric vehicle boom is still alive and well.
Major automakers are about to unleash new EV models throughout the year, including a DeLorean Alpha5, the Kia EV9, the BMW (OTCMKTS:BMWYY) iX1, the Tesla Cybertruck, the Lucid (NASDAQ:LCID) Air Sapphire, the 2023 Toyota (NYSE:TM) Prius and the Jeep Avenger.
We could go on. The point is there’s plenty of growth left in the EV engine. The best part is that some of the top EV-related stocks have been severely beaten down.
That may not be the case for much longer, though.
Tesla has become everyone’s punching bag and one of the cheapest electric vehicle stocks.
Over the last year, the king of EVs plunged 68%. Even on the first trading day of the year, shares of TSLA lost another 12% ater the company posted disappointing delivery numbers.
TSLA has presented a “blood in the streets” opportunity. Analysts at Bernstein seem to agree, calling Tesla a top pick for the new year. Even Morgan Stanley is calling weakness a “window of opportunity to buy.”
Wedbush analyst Dan Ives views the Tesla pullback as a logistical speed bump.
In addition, demand for its EVs continues to impress in the U.S. and in China. In its most recent quarter, revenue jumped 56% to $21.5 billion. EPS came in at $1.05, which beat expectations for $1.01.
Lithium Americas (LAC)
Lithium Americas (NYSE:LAC) isn’t an electric vehicle stock, but it does hunt for the very material that a typical EV needs: lithium.
According to Barron’s, a single EV requires 22 pounds of lithium. Unfortunately, lithium is in short supply. The International Energy Agency said we could see lithium shortages by 2025 due to high demand, mining challenges and the concentration of the resource in relatively few places.
High demand and limited supply should result in higher lithium prices, representing a strong upside catalyst for lithium miners. That being said, I consider LAC to be among the top cheap electric vehicle stocks to own.
Last month, the company announced plans to separate its North American and Argentinian businesses into two companies. The company sees the split as unlocking significant value, allowing both companies to “benefit from the strategic focus and enhanced operating flexibility to drive long-term growth and value.”
Nvidia (NASDAQ:NVDA) isn’t an EV stock either, but I wanted to include it on the buy list because it just teamed with Foxconn Partners to build automated electric vehicles.
According to The Wall Street Journal, “The partnership will allow both companies to help the industry meet growing market demand for electric vehicles while increasing their presence in the market.”
Also remember, beaten-down NVDA is still a leader when it comes to the cloud, artificial intelligence and machine learning, gaming, autonomous driving, supercomputing, robotics, drones, and now, a $526 billion EV market.
On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.