For growth investors looking ahead to 2023, the quest for top EV stocks related companies (electric vehicle stocks) to buy is on.

Indeed, most past high-flyers from 2021 had an abysmal year.

However, as we begin a new year, there is renewed optimism among investors who are anticipating a fresh bull market.

Macro conditions have yet to improve, with the Federal Reserve continuing to tighten monetary policy.

However, expectations are for a modest rate hike today and during the January meeting, followed by a rate steadying sometime next year.

While we may not see a rate cut for some time, there is still plenty of room for growth in the EV sector.

Growth in specialized EV equities is likely to continue for the foreseeable future as the secular electrification trend continues to take off.

Furthermore, global growth in the EV sector is likely to accelerate in some markets (particularly China).

With this in mind, here are three EV stocks to consider buying right now.

BYD Corporation

BYD Company (OTCMKTS: BYDDF), the biggest Chinese electric car manufacturer, is on this list of top EV stocks to purchase for a variety of reasons.

Many investors are interested in this firm since it is backed by Warren Buffett’s Berkshire Hathaway (
NYSE: BRK-A, NYSE: BRK-B), which has held its share in BYD for 14 years.

Yes, Buffett has been decreasing his holdings recently.

The Oracle of Omaha’s long-term purchase and hold strategy with this company, on the other hand, should excite investors.

The Chinese EV market is the world’s largest and one of the fastest growing.

As a result, given BYD’s market leadership, anyone seeking exposure to the Chinese EV area should consider BYDDF stock at these levels.

Investors can now purchase shares at a 35% discount from their peak.


Nio (NYSE: NIO), another prominent China-based electric vehicle manufacturer, is one of the pure-play EV stocks I believe has the greatest potential relative to the competitors in this fast-growing market.

Yes, BYD currently leads the Chinese EV market overall.

However, this earlier-stage firm differs from BYD in that it is completely focused on generating EVs. BYD also produced a substantial number of internal combustion engine vehicles until March of this year.

They are still producing plug-in hybrids. As a result, for investors seeking significant exposure to the growth of the Chinese EV industry, Nio is frequently regarded as a medium to play this space.

NIO stock, like other Chinese-based stocks, has taken a beating in the past year.

Whether it’s regulatory concerns (zero-Covid has not been kind to any China-based company), supply chain snarls, or a slew of other macro difficulties, there are plenty of reasons to be weary about NIO stock right now.

However, if investors believe that most of these challenges have been priced in, now could be an excellent opportunity to increase exposure to this fast-growing company.

The Lucid Group

Last but not least on this list of EV stocks to buy is an American EV manufacturer that I believe has substantial growth potential in comparison to the incumbents.

Lucid Group (
NASDAQ: LCID) reminds me of a pre-launch Tesla (NASDAQ: TSLA) from more than a decade ago. Lucid, like Tesla, began by focusing on the higher-end EV market.

If we are actually heading into a white-collar recession, the higher-end market may be struck the hardest.

As a result, this is the stock with maybe the highest level of risk on this list.

However, like with Nio, investors must examine how much of this risk has already been priced in.

That is certainly debatable, but LCID stock seems much more appealing on a relative basis at present prices.

Lucid also carries a higher execution risk, as the business has already failed to fulfill its manufacturing targets.

However, if the company starts exceeding forecasts next year and slows its cash burn rate through operating profitability, it might experience a very good rebound in 2023.

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