With global markets heating up again, savvy investors are turning towards EV stocks to buy. All after most of the top EV stocks underwent a deep correction last year. Moreover, the long-term bull case for EVs remains as strong as ever. By 2030, EVs are projected to make up 60% of vehicle sales globally. That’s making it an ideal time to scoop some of the best EV stocks to buy.

Bolstered by massive government spending in the Western world and China, the EV industry is poised for monstrous growth ahead. The U.S. government’s Inflation Reduction Act (IRA) has earmarked a staggering $370 billion for clean energy. That alone is fueling the bull case for EV stocks to buy, including:

ChargePoint (CHPT)

One of the top EV stocks to buy is ChargePoint (NYSE:CHPT). After all, the company has quickly become one of the top players in its niche, with 200,000 active charging stations globally. It remains in hyper-growth mode, generating double-digit revenue growth over the past several quarters. Its recently released fourth-quarter results showed a sales bump of nearly 90% to $152.8 million, with losses narrowing to 13 cents per share. According to analyst targets, its loss per share was expected to be 16 cents per share.

Its revenues shot up 94% for the full year, with annualized subscriptions surpassing the $100 million mark. As we advance, the U.S. government’s efforts to accelerate the network of EV chargers to 500,000 by 2030 position ChargePoint for long-term success.

BYD (BYDDF)

BYD (OTCMKTS:BYDDF) delivered 911,141 EVs and 946,238 hybrids last year, which equates to 1.86 million cumulative deliveries. On the flip side, EV pioneer Tesla delivered 1.3 million cars last year.

In addition, BYD has established itself as a top player in the EV space, with a remarkable track record of top and bottom-line growth. Perhaps the most heartening thing about BYD is that it’s profitable, a feat rare in its niche.

After posting triple-digit revenue growth in its fourth quarter, BYD expects to deliver another banger in its upcoming quarterly. Analysts at Seeking Alpha project over a 45% increase in revenue growth for the firm in the upcoming year. Therefore, there’s plenty to be excited about with BYDDF stock.

Nio (NIO)

Investors in Chinese EV player Nio (NYSE:NIO) were on cloud nine during the pandemic years. That’s when the firm was delivering triple-digit and, at times, quadruple-digit revenue growth. However, with the Russia/Ukraine war, the lockdowns in China, and the slowdown in the global economy, its quarterlies showed a substantial slowdown from pandemic highs.

Despite the normalization in growth rates, it still delivered a healthy 25.6% sales bump last year. With most of its headwinds expected to dissipate in the upcoming months, expect Nio to enter into a new growth phase. This notion is solidified by the re-assuring claims of its chief financial officer (CFO) Steven Feng, who expects the firm to double sales to 250,000 EVs in 2023. If it can achieve its 2023 target, expect NIO stock to soar to reverse course and start trading in the green again.

Polestar Automotive (PSNY)

Polestar Automotive (NASDAQ:PSNY) is a rising automotive player that stands out in a crowded EV field. With the backing of established names in the automotive sphere, Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYF), the company can effectively tap into a breadth of resources to boost efficiency and cut costs. Unlike its peers, the firm has done remarkably well in boosting volumes and exhibiting strong operational leverage.

Its fourth-quarter results testify to its progress in the past couple of years. It reported revenues of $985.2 million, a 67% increase on a year-over-year basis. The success of its flagship Polestar 2 model and its expansion efforts into new markets contributed to its performance.

For the full year, it delivered 51,491 vehicles, an 80% YOY jump from 28,677. It was also an 84% bump in revenues to $2.5 billion. Moreover, the bottom line saw substantial improvement due to effective cost control, resulting in a gross profit turnaround from a negative $(200,000) to a positive $62 million. With it expected to release the Polestar 3, 4, and 5 this year and expansion into new territories, PSNY stock is poised for healthy gains ahead.

Tesla (TSLA)

Tesla’s (NASDAQ:TSLA) stock took a hammering last year but has so far performed significantly better. It’s currently trading at 5.9 times forward sales and 37 times forward cash flows, which is more than 20%, lower than its five-year average for both metrics.

Technicals aside, the firm continues to kill it with its quarterlies. In the fourth quarter, it posted a massive 24.3 billion in sales, a 37% improvement from the same period last year. Many were concerned about how it would fare in the first quarter of 2023 following price cuts and a potential demand deceleration.

However, its recently posted first-quarter update showed record deliveries of 422,875 vehicles, up an impressive 4% from the previous quarter. These solid results put it on course to achieve 2 million deliveries this year, up more than 50% from last year.

Lithium Americas (LAC)

Lithium Americas (NYSE:LAC) is one of the most promising lithium miners. It is expected to make a big splash in the EV space with its high-quality lithium mining assets in the U.S. and Argentina.  It’s expected to begin production by the end of the second quarter on its Argentinian mine, which boasts an annual EBITDA visibility of $308 million.

However, its most popular asset is its Thacker Pass project, which was recently green-lit after a long legal battle. The mine boasts a 40-year life, potentially delivering $1.2 billion in annual EBITDA.

It’s going full steam ahead with its mines’ construction and subsequent commercialization, targeting full production of 20,000 tons annually. Its full production could generate revenues in the $700 million to $800 million range. Based on its robust outlook ahead, LAC stock remains remarkably undervalued.

Solid Power (SLDP)

Solid Power (NASDAQ:SLDP) is a trailblazer in the solid-state battery realm and is revving up for a breakthrough year, marching towards commercialization.

The company unveiled its impressive fourth-quarter results, announcing that its electrolyte production facility remains on track for launch in the first quarter. As validation testing unfolds, SLDP stock could surge significantly in value. In addition, Solid Power’s partnership with automotive giants Ford (NYSE:F) and BMW (OTCMKTS:BMWYY), along with almost $500 million in liquidity, can continue pressing toward its goals.

Research firm Needham reinstated coverage of SLDP stock with a Buy rating. The firm feels SLDP charts a promising course through its cost-effective licensing model for its battery tech and its innovative sulfide-based electrolyte, which would enable other firms to develop their own solid-state batteries. With the solid-state battery market expected to grow at over 32.5% from 2022 to 2028, SLDP has a bright future ahead.

On the date of publication, Muslim Farooque did not have (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.