The electric vehicle rally may have turned south. However, that downturn has created an excellent opportunity to scoop up these hot EV stocks to buy.

After all, electric vehicles are the future of transportation, with President Joe Biden expecting half of all vehicles to be electric by 2030. Also, with so many electric car companies reporting solid demand and production numbers, it’s hard not to be optimistic about the sector’s future.

In addition, many EV stocks, including some of the biggest names in the sector, are trading at substantial discounts at the moment, including:

BYD Company (BYDDF)

BYD Company (OTCMKTS:BYDDF) is one of the top EV stocks to buy. The company recently said it delivered a record 200,000 vehicles in September. Despite a challenging economic outlook, BYD continues to deliver. Sales in its third quarter were up an amazing 183% on a year-over-year basis. Moreover, it disclosed a whopping backlog of 700,000 EVs. As we advance, expect more earnings surprises as the company looks to mount a comeback in the stock market.

Furthermore, BYD entered into a long-term partnership with Sixt, a leading German car rental business. Sixt will buy 100,000 of its BYD’s cars through 2028. Additionally, EV pioneer Tesla plans to buy EV batteries developed by BYD. Therefore, a lot is going right for the company at this point, and its current valuation makes it an attractive bet for the long haul.

Li Auto (LI)

Li Auto (NASDAQ:LI) is among the leading Chinese EV stocks to buy on the dip. It’s been doing well ever since it debuted its Li-One SUV in 2019, posting record delivery numbers each quarter. In the second quarter, its sales shot up an incredible 73% from the prior-year period to $1.3 billion.

Moreover, its free cash flows came in at a remarkably $67.4 million, which will swell further when the market gets more conducive again. Additionally, it wrapped up the quarter with $8 billion in cash, proving it a strong runway to continue making aggressive investments. Like its peers, it’s been looking to expand its presence outside China. Its expansion plans in other markets provide a major catalyst for long-term growth. Layer that up with its new releases, such as the Li L9 and the Li L8, and you have a recipe for long-term success.

Ford Motor (F)

Ford Motor (NYSE:F) has quickly evolved into a major EV stock to buy. It operates a multi-pronged approach to electrification that has helped it grow sales at an incredible pace. Its EV sales almost tripled last month from the prior-year period to 4,700 vehicles. Sales of its flagship Mustang EV were up almost 50% in September from the same period last year. Also, it sold 8,760 of its F-150 Lightning pickup trucks that launched in June.

The tremendous strength in its EV business has helped offset the weaknesses in its traditional automotive business. EVs will form 50% of total vehicle sales for the company by 2030, and its recent success is a testament to the quality of its products. Moreover, the Ford stock currently trades at just 0.31 times forward sales estimates, which makes it a no-brainer investment in the sphere.

General Motors (GM)

General Motors (NYSE:GM) is another leading automotive giant with massive EV goals. Recent results have shown incredible progress in its EV objectives, selling a record 14,709 of its Chevrolet Bolt EVs in the third quarter. It plans to increase production of the Bolt by nearly 60% in 2023. Moreover, during the quarter, it saw healthy sales growth for its other EV models, including the Hummer and Cadillac Lyriq SUVs.

GM’s plan to dominate the EV space is impressive, and in 2035 it plans to go all-electric. Also, it owns a majority stake in the autonomous ride-sharing vehicle Cruise, which adds another dynamic to its EV ambitions. At this point, GM’s product plan seems superior and will likely pay many dividends down the road.

Volkswagen (VLKAF)

Volkswagen (OTCMKTS:VLKAF) is another legacy automaker that has made massive strides in penetrating the EV market. Its subsidiary Porsche recently got listed in Germany, a development that, according to its CFO, leaves it “ready and well-funded to execute its EV strategy.” Moreover, it plans to get its battery production business Powerco listed as well, which will provide it with even more funds to expand its EV ambitions.

By 2025, the company plans to generate 20% of its EV sales and invest a whopping €89 billion in advancing its EV technology. Such investments are likely to propel it up the EV ranks and potentially challenge some of the stalwarts. In fact, a recently released Bloomberg Intelligence forecasted that Volkswagen could potentially outsell Tesla by 2024.

Lucid Group (LCID)

Lucid Group (NASDAQ:LCID) is another one of the top EV stocks to buy. All after the Chinese EV stock took a beating on lower production and delivery guidance on supply-chain bottlenecks.

Nevertheless, there’s a lot for its investors to be excited over. It recently revealed it had over 37,000 reservations for the Lucid Air. Moreover, with its expansion in Europe, that number is likely to rise much higher. On top of that, it recently started construction of its Saudi Arabia factory. The deal involves the purchase of 100,000 EVs through 2030, providing long-term sales visibility.

Moreover, it also unveiled the Lucid Air Sapphire, which claims to be the world’s most powerful sedan. With the Gravity SUV expected to launch in the first half of 2024, it has an incredible line-up of EVs that should contribute immensely to sales.

Nio (NIO)

Shares of Chinese EV giant Nio (NYSE:NIO) have been obliterated this year. After shedding over 60% of its value this year, it continues to test new lows and now trades at 3.7 times forward sales. Hence, it’s probably the most undervalued big-name EV stock out there.

Supply chain troubles have plagued Nio’s numbers this year. However, despite the market headwinds, it ended the third quarter with record numbers, delivering an incredible 31,607 EVs, almost a 30% improvement from the same period last year. These numbers set it up for what could be a record fourth quarter. Moreover, its expansion into Europe and a recent stake in a San Jorge Lithium Project in Argentina are other major growth drivers that back its robust bull case.