The 3 Most Promising EV Stocks to Own Now

Stocks to buy

As always, the market has recently been abuzz with electric vehicle (EV) talk. Despite economic concerns, the EV market displays remarkable momentum, surpassing 10 million sales in 2022 and another 35% jump projected by the end of 2023. EVs on the road are projected to cut global daily oil consumption by five million barrels daily by 2030. This guarantees EV’s growth as sustainability remains top-of-mind for consumers and government regulators. 

But, as we’ve seen with catastrophic crashes in some EV sectors, certain companies are better positioned for the future than others. Investors bullish on EV’s future should focus on three core tenets: fundamental business model strength, financial stability, and market penetration. These three stocks meet those demands in spades and represent the best opportunity to capitalize on a growing industry.

General Motors (GM)

Image of General Motors (GM) logo on corporate building with clear sky in the background.

Source: Katherine Welles /

General Motors (NYSE:GM) is having a tough time this year; although the stock is only down 2% since January, it’s seen significant ups and downs in the past six months. The volatility and recent labor union clashes scared many investors away, and the stock collapsed 13% since July 31. But, with research firm EquitySet calling the stock 40% undervalued and Morningstar’s estimate ranging closer to 60% undervalued, this EV stock has a massive upside. 

GM blew analyst estimates away in its recent earnings report. Notably, the report pledged an imminent improvement to electric vehicle margins, which bodes well for investors bullish on GM’s potential. Yet optimism abounds as GM fully embraces its EV-based future. GM estimates $225 billion in revenue by 2025, with a fifth of the total coming from EV offerings. GM is already the nation’s second-largest EV manufacturer, and the coming release of the company’s Silverado EV, Blazer EV, and Equinox EV will further cement its position. However, GM isn’t above close collaboration with competitors. They recently partnered with Tesla (NASDAQ:TSLA) and Ford (NYSE:F) to expand its national charging infrastructure.

ChargePoint (CHPT)

EV stocks: A close-up shot of a ChargePoint charging station.

Source: YuniqueB /

ChargePoint (NYSE:CHPT), the global leader in EV charging networks, has been on a 20% losing streak since January. However, this company’s position is unique in the growing EV market. Today, 46% of national EV charging stations are ChargePoint-owned and operated, with more to come as the market expands.  

Industry experts project charging station demand will quadruple by 2027, representing massive potential expansion for ChargePoint solutions. The company has proven it has the financial prowess to withstand short-term volatility in the meantime. Its recent earnings report marked a whopping 60% year-over-year (YOY) sales growth, with gross margin climbing up to 23% from last year’s 15%. Likewise, the company retains a healthy cash balance. That gives ChargePoint flexibility to allocate to expansion or serve as a buffer for unforeseen industry turbulence.

Ultimately, ChargePoint’s value comes from being one of the first movers in widespread EV charging infrastructure development. CHPT’s portfolio spans highway gas stations, parking areas, corporate buildings, airports, and more. This diversity and penetration cements its position and ensures its longevity in the EV industry. 

Tesla (TSLA)

Tesla (TSLA) supercharging station during the day.

Source: Arina P Habich /

Of course, it’s impossible to lay out an honest list of the best EV opportunities without mentioning Tesla (NASDAQ:TSLA). Even when addressing other strong EV stocks, like GM and ChargePoint, you will end up mentioning Tesla (even if indirectly). Tesla’s charging network rounds out the remainder after ChargePoint’s share, with their stations comprising more than 60% of the national charging stations. Even GM’s EV success is partially contingent on strategic partnerships with Tesla.  

Tesla’s stock is continually rising, returning 140% since January and inflicting more than $12 billion in losses for short sellers. Beyond its dominant position, investors are excited about the upcoming Cybertruck launch, slated for rollout within weeks. With its unique look and feel, the Cybertruck sightings generated considerable online excitement and promotional buzz. At the same time, Tesla is gearing up to unveil the updated Model 3, code-named “Highland” in China. Management expects new model production to kick off in September.

Ultimately, with a 59% EV market share, Tesla is the EV stock to buy if you’re forced to choose between alternatives.

On the date of publication, Jeremy Flint held a long position in GM. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Jeremy Flint, an MBA graduate and skilled finance writer, excels in content strategy for wealth managers and investment funds. Passionate about simplifying complex market concepts, he focuses on fixed-income investing, alternative investments, economic analysis, and the oil, gas, and utilities sectors. Jeremy’s work can also be found at

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