It’s a good time to accumulate undervalued, quality electric vehicle battery stocks. For one, the global automobile industry is pouring more than $1 trillion into electric vehicles. Two, global leaders are racing to put millions of electric vehicles on the roads.  For example, President Biden wants EVs to account for at least 5o% of autos sold by 2030. Three, growing EV demand will only strengthen the battery market. In fact, according to Next Move Strategy Consulting, “The global battery market generated USD 124.88 billion in 2022 and is projected to generate USD 406.08 billion by 2030.” That being said, I went hunting for some of the top battery stocks to consider today, including:

Panasonic (PCRFY)

Panasonic (OTCMKTS:PCRFY) is among the top battery stocks to buy. The stock trades at an attractive forward price-earnings ratio of 11.3 and offers a dividend yield of 2.5%. With some big investments toward new battery plants, Panasonic is well-positioned for growth. Panasonic is building a $4 billion battery plant in Kansas. Additionally, the company will be investing another $4 billion in a battery plant in Oklahoma.

Even better, Toyota (NYSE:TM) and Panasonic are looking for a site to construct a new battery plant in Japan. Panasonic has also been ahead in terms of innovation. Investment in research will help the company maintain or potentially gain a global market share. The company currently has 445 solid-state battery patents. Positive development on this front is another key stock upside catalyst.

Solid Power (SLDP)

Beaten-down shares Solid Power (NASDAQ:SLDP) have become oversold. However, there are positive developments ahead. For one, the U.S. Department of Energy allocated $5.6 million to Solid Power for the development of efficient EV batteries. The funding will help the company intensify its research and development efforts.

In addition, late last year, Solid Power agreed to license its cell design and manufacturing process to BMW (OTCMKTS:BMWYY). This expanded agreement can potentially help in accelerating the commercialization of solid-state batteries. Also, it’s worth noting that Solid Power has already initiated an EV cell pilot line. The company will be delivering EV cells to automotive partners in the first half of 2023 for testing.

QuantumScape (QS)

QuantumScape (NYSE:QS) is another interesting name to consider with big catalysts ahead, too. For example, the company just announced it shipped its 24-layer prototype lithium-metal battery cells to automotive OEMs for validation testing.  In addition, Volkswagen (OTCMKTS:VWAGY) is an investor and joint venture partner. Commercialization might still be a few years away, but this is an important step and has boosted investor confidence.

QuantumScape also plans to market its technology beyond the automotive sector. Consumer electronics is another focus market. With a wide addressable market, the long-term growth outlook is robust. From a financial perspective, QuantumScape is expected to enter 2023 with $1 billion in liquidity. Therefore, there are ample funds to invest in research and development. The company already has 300 patents and patent applications.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.