The electric car sector comprises businesses that sell cars, batteries, and charging infrastructure. It includes companies with the biggest market capitalizations, such as Tesla, NIO, and Rivian.
Governments from around the world have outlined plans to phase out gasoline-powered cars. So it’s no surprise that EV stocks enjoyed huge gains in 2022. R&D spending is on the rise, signaling even more growth in the years to come. These are the best EV stocks right now.
What are the Best Electric Car Stocks?
Here are the best electric car stocks to buy in the United States.
Tesla (TSLA)
Many investors wrote off Tesla’s rise as a one-off. But trends show this isn’t the case. The company has achieved most of its milestones in the past year.
They are confident in their ability to increase vehicle production by 61% this year.
Tesla’s is also doing incredibly well in China with their Shanghai superfactory. Despite pandemic-related shutdowns last year, the company has made headways.
Additionally, Tesla’s newest gigafactories in Texas and Germany are now active. Tesla still has plenty of hurdles to overcome due to supply chain snags.
However, the automaker is poised to increase its production output significantly this year. Tesla believes it can make about 1.5 million vehicles in 2022.
The share price for Tesla has declined by 38%. This is mostly attributed to the market sell-off after the pandemic.
Some of the price drops also came from investors worrying that Musk is getting distracted. His commitment to buying Twitter fell through because of differences with the social media giant.
This probably means that Musk can focus on Tesla. The debacle hasn’t had an impact on Tesla’s vehicle production capacity.
It seems to increase in terms of revenue and profit. There would be price volatility of Tesla stock in the short-run. This should not detract too much from investor confidence.
Tesla continues to lead the industry and is far ahead of young upstarts. There is a very high potential for their stock to be profitable.
At the time of writing, Tesla’s stock price is hovering around $811. This may increase or decrease depending on various factors.
Readers can buy fractional shares of Tesla using platforms like Robinhood.

Read Why Is Tesla Better Than Other Electric Cars?
Workhorse (WKHS)
Workhorse has had a tumultuous year because of several upsets in quick succession. The automaker fell behind on their delivery plans and faced technical issues with their vehicles.
They also lost an order from the US Postal Service, adding to their woes. However, this isn’t the first time that Workhorse has faced these challenges.
The automaker’s history goes back to 2013. It’s when AMP Electric Vehicles bought Workhorse and set up a plant in Union City.
The company changed its name to Workhorse Group in 2015. They started selling electric and range-extended trucks.
The company had delivered around 360 trucks by the end of 2018. They didn’t deliver any more trucks in 2019. This is reflected in the stock price and quarterly revenue for the year.
Workhorse introduced its C-series of electric delivery trucks in 2017. They delivered some of these trucks in 2020 and 2021. However, they fell short of their delivery targets.
They lost an order from the US Postal Service. Moreover, they had to recall all 41 of their C1000 vans. This is because the vans did not comply with Federal Motor Vehicle Safety Standards.
The company was forced to suspend deliveries of this model because of this incident.
They don’t have anything in production right now. However, they have plans to announce new models this year. The company expects to make a comeback next year.
The stock price for Workhorse is at an abysmally low $3.52. Workhorse’s stock could either surge in price or continue to fall.
However, all is not lost for Workhorse. They hired Richard Dauch as CEO. Richard has over 25 years of experience in this industry.
He is leaning on his experience to steer the company away from disaster. Richard also plans to announce future models this year.
More importantly, Workhorse caters to an underserved market – commercial electric vehicles.
Whether you’re all in one Workhorse stock depends on your faith in their promises. There is a murky outlook right now as Workhorse seems to be taking a backseat.
Read What Companies Benefit from Electric Cars?
General Motors (GM)
General Motors is a global titan in the automotive sector. The company has also launched many electric cars in California.
However, investors don’t seem to have much confidence in GM. The automaker’s shares decreased by 30% in 2022 despite having a good year.
Investors are still uncertain about GM’s growth prospects in the coming years. GM does have a great outlook in the coming years with a CAGR of 10%.
It has had its fair share of ups and downs. GM wouldn’t have survived if it weren’t for the $9.5 billion bailout in 2008.
However, GM is all-in on the EV hype. They have announced to invest $35 billion in the EV market. This far exceeds their investments in gas and diesel fleets.
GM plans to have about 30 new EVs on the market by 2025. This would do wonders for their stock price.
At the time of writing, their stock price is hovering around $34. This represents a relatively affordable investment for anyone interested in EV stocks.
Read Can You Charge an Electric Car with a Generator?
Blink Charging (BLNK)
There’s more electric car stocks than automakers. The industry also extends to battery makers and charging companies.
Blink Charging has laid out extensive charging infrastructure for EVs. The company reported revenue of $9.8 million in the very first quarter.
This is a 339% increase from the same quarter last year. Blink’s strong revenue is partly driven by the number of chargers they sold.
The company sold or deployed over 36,000 chargers in Q1 2022. This represents a massive increase in their revenue.
But not everything is smooth sailing for Blink Charging. As their revenues grow, so too do their losses.
It is difficult for EV charging stations to recoup their costs by selling electricity. They depend on government grants and subsidies.
Blink Charging received $3 million in grants from the government. They have received $30 million in rebate awards and grants since 2021.
Moreover, the company incurred a loss of $15.1 million in the first quarter of 2022. They haven’t realized bottom line profits despite a positive gross margin.
In other words, Blink Charging has a long way to go before they realize profits. But the prospects are looking good for Blink Charging as more EVs enter the market.
Stock prices for Blink Charging are nearly $20.
Read Can You Drive An Electric Car With an Automatic License?
ChargePoint (CHPT)
The experts at JP Morgan have spoken: ChargePoint is a great opportunity for investors.
ChargePoint is the leading charging company with a wide network of infrastructure. However, the company isn’t profitable yet, just link Blink Charging.
It will be several years before they start breaking even and producing profits. Moreover, many new charging companies, like Blink Charging, are also expanding their network.
This will create stiff competition and ChargePoint will find it harder to differentiate itself. However, ChargePoint has had a good year.
They say a 90% increase in revenue to a whopping $80.7 million. Their revenues jumped from 65% year over year to $242.3 million.
The company anticipates revenue of nearly $500 million in 29023. This represents 96% y-o-y growth. ChargePoint also partnered with Goldman Sachs.
The partnership would allow them to roll out the innovative ChargePoint as a Service (CPaas) subscription model.
CPaaS would make it easy for businesses to be a part of their fueling network. It removes the burden of ownership by providing turnkey maintenance software and driver support.
ChargePoint also partnered with Volvo and Starbucks. The collaboration will see nearly 60 Volvo branded ChargePoints installed at 15 Starbucks locations.
All these developments put ChargePoint at a massive advantage over other EV stocks.
Read Can an Electric Car Have a Manual Transmission?
Li Auto (LI)
Li Auto mostly dominates the EV market in China. The Chinese automaker increased its total sales by 167% in 2022 to $1.5 billion.
Their gross margin increased to 22.5% compared to 17.3% in the same quarter. Experts at Wall Street believe their total sales to increase by 82%.
Their shares are priced surprisingly low despite the impressive growth trajectory. The EV market in China is going to grow by a CAGR of 30%. This puts LI at a very advantageous position and a good choice for investors.
At the time of writing, Li Auto is selling for $36 on NASDAQ.

Nio (NIO)
If we were to go by trends alone, then Nio represents a great opportunity for buyers. Despite stiff competition from Tesla, the electric maker has thrived in the market.
Their stock value has nearly doubled in price and the statistics suggest a positive outlook. NIO, like Tesla, looks like it will achieve enormous growth.
It had double revenue every year from 2018 to 2021. Their price-to-sales ratio is at 5.5 compared to Tesla’s 13.5.
NIO also has a massive number of models to choose from. They also use a unique battery swapping technology. This allows owners to change their batteries easily and affordably.
Charging in NIO cars is also very fast. NIO also provides other gadgets such as NOMI, an Alexa-like feature.
By all accounts, NIO seems to be doing extremely well. They have set up several milestones for the future. These include setting up a new factory and turning a profit in 2022.
If they hit these milestones, NIO stock would be unstoppable. At the time of writing, NIO has a stock price of about $20.
Read Can You Tow a Caravan with an Electric Car?
Plug Power Inc. (PLUG)
Plug Power has been operating for over two decades. However, the fuel cell company hasn’t been very profitable.
They were able to grow their revenue in the last few years. This hints at their ability to ride the momentum behind EVs.
Their revenue soared from $86 million in 2016 to $502 million in 20921. This represents an increase of six times in just five years.
Their strong growth has been attributed to the company’s commitment to new changes. The first of these is a partnership with electric vehicle makers like Renault.
This partnership would see the development of hydrogen fuel cells for use with electric vehicles. The second is their commitment to building several hydrogen power plants in North America.
The company is targeting 70 tons per day of hydrogen by the end of 2022. The company is also building a 2.5 gigawatts fuel cell and electrolyzer factory.
Plug Power also announced their agreement with Edison Motors in South Korea. They are building a hydrogen fuel cell-powered electric city bus by 2022.
The ‘green’ buses will use Plug Power’s ProGen fuel cell system. The buses will be commercially available by 20234.
All these developments show massive potential for Plug Power. Analysts at JP Morgan believe they could capture a $200 billion market.
Their stock is not worth a buy in the short run. However, the long-term prospects for Plug Power are big.
Read Are Electric Car Companies a Good Investment?
Rivian (RIVN)
Rivian’s stock represented $127 billion last year; however, their prices fell to $25.6 billion. Investors were concerned about the company’s ability to make their R1T pickup truck.
However, Rivian insists that they are ramping up production and working on new technologies. Their R1T pickup truck has received positive reviews so far. It even won the 2022 Truck of the Year Award by MotorTrends.
Rivian has other vehicles, including R1S, an SUV, and EDV, a commercial delivery van. They have 90,000 preorders for the R1S and R1T.
The automaker also received 100,000 EDV orders from the ecommerce giant Amazon. They have nearly $17 billion in cash, which will be used to launch the R2.
Their Amazon order will further cement their position as a leader in the commercial space. The only problem with all this is the inability to meet demand.
They could also lose crucial time to competitors. Rivian’s success depends on two things: production and the ability to cut costs.
Their factory in Illinois has a capacity of 150,000 units per year. However, they can only produce 25,000 units because of supply chain constraints.
However, given Amazon’s interest in Rivian, the automaker has what it takes to be successful. The stock price for Rivian is valued at $34.
Wrapping Up
So there you have it, a quick look at what electric car stocks to buy. The most valuable stock at the time of writing is Tesla with a proven track record.
Rivian, is also looking strong with its strong portfolio of cars. ChargePoint is also a great opportunity for investment. They will serve as the backbone of EV charging infrastructure. Do you agree with our list? Let us know if we missed anything.
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My name is Matthew, staying in Seattle, Washington. Electric Vehicles (Electric Cars & Electric bikes) caught my attention for the last few years and my love for electric cars and bikes is everlasting. I spend many of my weekends traveling to various places all over various cities with my electric vehicle (e-bike and electric car). Here I am sharing my expertise, experience, and invaluable information about electric cars and electric bikes. Check out more.