5 best EV stocks to buy for Q1 2024

Demand for electric vehicles has increased in recent years and stocks in this sector are expected to grow. This page selects the top five EV stocks to buy in 2024.
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Updated: Nov 30, 2023
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Our stock market experts have investigated the electric vehicle industry to find the best companies to invest in. This page includes best stocks to buy in the electric vehicle market for the year ahead and a selection of online brokers you can use to buy these shares. 

What are the top EV stocks to buy?

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Below you can find a list of the top EV stocks to buy this year as selected by our investment experts. Click the buttons next to each stock to buy right now, or keep scrolling to read more about these electric car companies.

#Stock symbolCompany nameTrade now
1TSLATesla
Trade TSLA

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2RIVNRivian
3NIONio
Trade NIO

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4XPEVXPeng
Trade XPEV

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5FFord
Trade F

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List chosen by our team of analysts, updated February 2024.

1. Tesla (TSLA)

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Tesla is widely considered one of the market’s best electric vehicle stocks. The company is the largest electric vehicle manufacturer in the world, producing around a million electric cars per year across several models, including the Tesla Model S, Model 3, Model X, and Model Y. As the market leader in the EV space, Tesla has consistently grown its revenues in recent years.

One of the main reasons why Tesla stock is a good option is its strong financial performance. Despite the challenges posed by the pandemic, its stock price began to surge in early 2020, driven by strong demand for its electric cars and increasing investor confidence in the company. However, in 2022, its price fell due to increasing competition in the electric car market and several production issues. 

Additionally, Tesla has been expanding its business beyond just producing battery electric vehicles. In 2020, it announced it would make solar panels and energy storage systems. Tesla is also developing autonomous driving technology, which it hopes to implement in its cars shortly. This diversification of business could provide opportunities for growth and revenue streams in the future, making it an attractive stock for investors.

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2. Rivian (RIVN)

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Rivian is an electric vehicle manufacturer making strides in the industry. The company has been growing steadily and is well-positioned to benefit from the global shift to electric cars. It has increased its production numbers, announced plans to double its output in 2023, and opened a second manufacturing plant in Georgia.

One of its most significant achievements is its deal with Amazon to deliver 100,000 electric trucks. The company has already produced the first 1,000 vehicles, which indicates demand and potential for future partnerships. Amazon has placed a big bet on Rivian and is helping the company with its development and production in a way that will allow them to reach mass production and scale up.

Despite this positive news, Rivian’s shares have recently been down due to the company’s decision to no longer work with Mercedes for an EV van platform and the broader drop in the industry. This news may have caused some investors to lose confidence in the company, but it could also provide a good buying opportunity for those looking to invest in a growth stock in the electric car industry.

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3. Nio (NIO)

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Nio is a Chinese electric vehicle (EV) manufacturer, often referred to as the “Tesla of China.” Founded in 2014, Nio partners with a state-owned auto manufacturer to sell a fleet of five battery-operated vehicles and has China’s largest electric car market share. 

Besides being one of the biggest electric car makers, it has also built an EV battery-swapping network across the Chinese mainland, allowing owners of Nio EVs to “refuel” within five minutes at over 200 charging stations. Nio is considered a growth stock, with a share price that soared nearly 1000% after its IPO in 2018 but has since seen a decline. 

Despite a setback due to the global semiconductor shortage, Nio is expanding in Europe and doubling the size of its manufacturing plant to produce nearly 300,000 EVs per year.

Trade NIO

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4. XPeng (XPEV)

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XPeng is an up-and-coming electric vehicle manufacturer based in Guangzhou, China. Its one of the few Chinese companies involved in the electric car sector and designs, manufactures, and sells smart EVs, focusing strongly on advanced EV technology such as artificial intelligence and cloud computing. It also has its own proprietary software and hardware for Autopilot, making it a leading player in the autonomous driving space for self driving cars.

With global demand for electric vehicles rising, especially in China, XPeng is well-positioned to benefit from this trend. The company has recently experienced rapid growth, selling nearly 100,000 electric vehicles in 2021, more than double its previous year’s sales. 

Founded in 2015, XPeng targets middle-class consumers in the mid to high-end segment of the market. This strategy has led to solid sales and revenue growth, making it an attractive option for investors looking for a piece of the growing EV market. With its focus on advanced technology, proprietary software and hardware and strong sales growth, XPeng is an excellent stock to buy for investors looking for a growth stock in the EV market.

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5. Ford (F)

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Ford isn’t strictly an EV company, as much of its revenue is generated from non-electric vehicles in the automotive industry. However, It is investing significantly in the EV space by opening a new factory campus in Tennessee. This $5.6 billion project is set to come online in 2025 and will be used to produce a new electric truck and batteries for its Ford and Lincoln brands. 

This move by Ford shows a clear commitment to the EV market and positions the company well for growth in the industry. Ford already has a strong lineup of EV models, including the successful F-150 Lightning, Mustang Mach-E, and E-Transit van, and with the new factory, it will be able to expand its offerings beyond the traditional internal combustion engines it is best known for.

In addition, Ford has announced plans to invest $22 billion in EV and autonomous vehicle development by 2025, which indicates the company’s focus on the EV market and its commitment to future growth. With a strong lineup of EV models and a new factory on the way, Ford is well-positioned to benefit from the growing demand for electric vehicles.

Trade F

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Where to buy the best EV stocks

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You can buy shares in the EV stocks on our list by visiting any brokerage platform below. Click on any of the links to get started in minutes and invest in the best electric vehicle stocks for 2024.

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What is an EV stock?

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Electric vehicle stocks are public companies manufacturing electric cars, trucks, buses, motorcycles, and other electric-powered vehicles. Major electric vehicle manufacturers include Tesla, Rivian, Lucid Motors, Nio, BYD, and legacy automakers like Ford, GM, and Volkswagen, which are transitioning vehicle lines to electric. EV technology companies also focus on batteries, motors, charging solutions, and autonomous driving capabilities that enable electrification.

The electric vehicle industry covers the rapidly growing range of zero-emission vehicles, from small passenger cars to commercial vans, buses, and long-haul trucks. Electric vehicle stocks expose investors to this major transformation in global transportation as internal combustion engines get replaced by cleaner, quieter electric motors powered by lithium-ion batteries. The electric car market share is forecast to rise substantially in the coming decades.

Are electric car stocks a good investment?

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EV stocks are considered a good investment for a few reasons. The electric car market is expected to grow in the coming decades. According to the International Energy Agency, EV sales could rise from 6.6 million in 2021 to over 60 million by 2030 as battery costs decline and more models become available.

However, investing in individual EV stocks carries risks. Production challenges, recall issues, competition from hybrids or hydrogen fuel cell vehicles, and fluctuating consumer demand could hurt manufacturers. Battery makers and charging solution providers face risks from rapidly evolving technologies.

Investing in a diversified electric vehicles ETF can mitigate risks. While uncertainty exists, the long-term outlook for electric vehicle adoption and the associated stocks appears strong as consumers, businesses, and governments worldwide push for more sustainable transportation. EV stocks could see impressive revenue growth in the coming decade as electric cars increase market share from diesel and gasoline vehicles.

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Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.