Best EV Stocks To Buy/Invest in for 2023

January 1, 2023

A quick but comprehensive rundown of the best EV (electric vehicle) stocks to invest in this year.

Best EV Stocks To Buy/Invest in for 2021

When it comes to the future of transport, few can deny that the future is electric. Electric vehicles, in all their shapes and forms, have exploded in both luxury and consumer markets. And as governments and individuals make a move to greener energy and transportation alternatives, it can be expected that the market for electric vehicles will only grow in size.

Along with that, the companies that sell them are expected to see a marked increase in their sales and profit margins. A wise investor knows that now's the time to invest in these stocks before the majority of the world's markets commit to EVs completely.

But the question remains, which EV stocks specifically are the best ones to invest in. There is a multitude of EV manufacturers out there but only a handful are poised to reap the benefit of the rapidly expanding demand. Luckily, we have taken the liberty of compiling for you a list of the best electric vehicle stocks in the market this year:

1. Lordstown Motors Corp. (NASDAQ: RIDE)

Market Value: $1.52 Billion

Dynamic Stock Chart for TICKER RIDE

Only founded in 2019, this startup is a producer of light electric vehicles for short-distance use. It is also the manufacturer of the notable vehicle, Endurance, which is one of the few electric pickup trucks.

The company has recently experienced some dips in productions at the beginning of the year but has stated that it has renewed efforts to win back investor confidence. With that, they reported having secured enough income to continue production well into May of 2022, and that they have a line-up of binding orders.

The Ohio-based company has production set to restart in September of this year. It might be wise though to wait a moment to see a positively increasing trajectory for the company's stock prices since the current price is -18.11% lower since the same time last year.

There are currently 12 hedge funds investing in the company with a total stake value of around $27.2 million. Lower than last year's 19 hedge funds.

2. Geely Automobile Holdings Limited (OTCMKTS: GELYF)

Market Value: $229.31 Billion

The China-based company is one of the largest in its region and, with the Chinese government's desire to push for more eco-friendly vehicles, sales of the company are expected to continue rising. Geely Automobile mainly markets sedans, wagons, and EVs, among other vehicles, and also offers vehicle design, tech consulting, logistics, packing, and storage services.

Their stock prices have increased 42.60% over the past year alone and have been seeing an upwards growth trajectory even during the main part of the pandemic. The company has also seen gross profit margins for the trailing 12 months of 16%, and it has gained 2.94% in the past 6 months.

In terms of the company's future, in July of this year, the company signed an EV distribution agreement with Taochejun (Fujian) Automobile Distribution and has recently released the Zeekr brand of EVs which it invested $300 million in.

3. Fisker Inc. (NYSE: FSR)

Market Value: $4.71 Billion

Dynamic Stock Chart for TICKER FSR

Based in California, the company is still considered as somewhat of a startup -- being founded in 2016. That being said, growth investors are finding it very attractive as a stock option, citing the 65.52% increase in stock prices over the past five years.

The company signed a manufacturing agreement with Magna International Inc. and is set to showcase itself in the upcoming LA Auto Show this November. Another development that needs to be looked out for is the electric Fisker Ocean SUV which will begin to be produced by November 17th, 2022.

Other important statistics include a gross profit margin of 22.73%, 11.01% gains in the past 6 months and 16.19% year to date. There are also currently 22 hedge funds investing a total stake value of $337 million. This is higher than last year's 18 hedge funds investing around $146 million.

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4. Lucid Motors (NYSE: CCIV)

Market Value: $80 Billion

Dynamic Stock Chart for TICKER CCIV

Another California-based company, Lucid Motors is an EV manufacturer operating in Newark. The company also operates in energy storage and original equipment manufacturing. A notable development is its recently announced merger with SPAC Churchill Capital Corp IV for it to be publicly traded. The deal was estimated to cost around $11.75 billion.

The company also announced last month that Lucid Air will have advanced driver assistance technology. This means that the Lucid Air will be one of the only EVs to have lidar technology and driver monitoring.

All these developments have impressed investors so much that the company's stocks have gained 134.7% in the past 6 months and 133.07% year to date.

5. ChargePoint Holdings, Inc. (NYSE: CHPT)

Market Value: $7.89 Billion

Dynamic Stock Chart for TICKER CHPT

Though the US company is not a manufacturer of EVs itself, it provides EV charging networks and solutions in the US. This means that the growth in the EVs market directly correlates to this company's performance as it provides the infrastructure needed to facilitate the vehicles. The stocks of the company represent an investment into the EV market without betting too much on whether or not EVs will dominate the transportation market.

On that note, the company has seen revenues of $40.51 million, beating estimates by $3.28 million and representing a 5.47% growth year over year. It also recently announced a partnership with Mercedes-Benz to provide access to over 60,000 charging spots for users across the US.

The company has seen gross profit margins increased by 22.31%. There are currently 24 hedge funds tied to the company. Collectively, their investments total a stake value of $207 million.

6. Magna International Inc. (NYSE: MGA)

Market Value: $25.75 Billion

Dynamic Stock Chart for TICKER MGA

One of the larger entities on this list, the Canada-based company was founded in 1957 and has been adapting to technological developments over the decades. Its main operation is the design and manufacturing of systems, subsystems, and modules for original equipment manufacturers of vehicles across the globe.

This is another non-direct investment to the EV market that investors can take up. Their partnership with Fisker Inc. means that the electric Fisker Ocean SUV will be manufactured at the Magna International Inc. facility in Austria around late 2022.

The future's looking good for the company with a report of a first-quarter revenue of $10.18 billion. It also reported a gross profit margin of 14.24% and gains of 39.61% in the past 6 months or 27.66% year to date.

As of the first quarter of this year, 34 hedge funds are investing a total of $671 million in stakes.

7. Ford Motor Company (NYSE: F)

Market Value: $54.54 Billion

Dynamic Stock Chart for TICKER F

Founded in 1903, the American automaker company is a good investment even without considering EVs. The company's stocks have increased 108.23% over the past 12 months. It also saw revenue of the first quarter reaching $36.23 billion. The company also has a gross profit margin of 8.07%.

On June 17, the company began its entrance into the EVs market with the acquisition of the California company, Electriphi. This came with their desire to provide electrical charging solutions for the Ford Pro and their EV users.

There are currently 49 hedge funds investing a total stake value of $2.19 billion in the company.

8. Aptiv PLC (NYSE: APTV)

Market Value: $41.42 Billion

Dynamic Stock Chart for TICKER APTV

A well-known player in the EV market, Aptiv PLC offers vehicle components that operate across the world. It is one of the largest providers of electrical and technology solutions for the vehicle markets.

In that, they have reported revenue of $4.02 billion during the first quarter of 2021. Stock prices also saw gains of 19.42% in the past 6 months and 13.71% year to date.

As of the first quarter of this year, there are a whopping 50 hedge funds tied to the company with a stake value of $1.42 billion. Higher than last year's 46 hedge funds.

9. General Motors Company (NYSE: GM)

Market Value: $81.46 Billion

Dynamic Stock Chart for TICKER GM

General Motors is an American company founded in 1908 and is one of the world's largest automobile manufacturers. Though not blazing a trail in the EV industry right now, the company has reported last month that it plans to invest a total of $35 billion in the industry by 2025.

The company has had quite a profitable year so far with an EPS of $2.25 versus estimates of $1.05 during the first quarter. It also saw a revenue of $32.47 billion and stock gains of almost 43% in the same quarter.

There are currently 86 hedge funds with stakes in the company amounting to roughly $8.05 billion.

10. Tesla, Inc. (NASDAQ: TSLA)

Market Value: $636.28 Billion

Dynamic Stock Chart for TICKER TSLA

Of course, this company has come to be the first thing people think of when they think of electric vehicles. Their products include not just electric cars, but also battery energy storage from home to grid-scale, solar panels, and solar roof tiles, as well as other related products and services. In essence, the brand is synonymous with luxury EVs and investors should keep an eye on its many research and development into that industry.

It has two segments, Automotive and Energy Generation and Storage, and both representing 24% market share as of the first quarter. Revenue for the company was reported to be $10.39 billion, representing 38.11% growth year over year. The company has a gross profit margin of 12.18%.

There is currently $10 billion worth of stake investments from 60 hedge funds investing in the company.

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And those were the 10 best EV companies to invest in this 2021. Though by no means a perfect market, investment into these types of stocks are as close to a guaranteed source of long-term profit as an investor can come.

That being said, due diligence and research are still needed before investing and to ensure you get as much return as possible from these fast-driving stocks.

About the author 

Jenna Lofton, the founder of, has been actively trading stocks and investing for nearly 11 years.

She holds an MBA in Finance, and another in Business Administration, and lives in Staten Island, NY.

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