It’s been a mixed year for EV stocks. Some of the top EV stocks for riches have surged year-to-date. On the other hand, several EV stocks have been laggards and have trended lower. It’s possibly a year where the markets have clearly identified EV companies that will survive and grow.

In terms of growth potential, the following data puts things into perspective. EV sales exceeded 10 million units in 2022. However, only 14% of new cars sold were electric. For the current year, it’s likely that EV sales will exceed 14 million units. These numbers look minuscule compared to the projection of EVs representing more than 60% of vehicles sold globally by 2030.

It goes without saying that the beneficiaries of this impending growth will be the best EV companies. Further, as vehicle deliveries surge in the coming years, the top EV companies will report robust cash flows. It’s, therefore, a good time to accumulate the top EV stocks for riches.

Tesla (TSLA)

It’s been a year of a remarkable turnaround for Tesla’s (NASDAQ:TSLA) stock. The stock has already surged by 140%, and I remain bullish for further upside. The reason for this view is that Tesla has multiple impending catalysts.

In the recent past, Tesla superchargers have been in the news. Back in 2021, Goldman Sachs had estimated that Tesla could make $25 billion by opening up its charging network to other EVs. Of course, this is a bullish case estimate. However, it underscores Tesla’s innovation edge and potential benefits.

The second reason to be bullish is an attractive line-up that’s likely to boost delivery growth. This includes the Cybertruck, Roadster, and Tesla Semi.

Tesla has set an ambitious target of producing 20 million EVs annually by 2030. This would require the opening of multiple gigafactory. It’s rumored that Spain is the next location. There are also speculations on production in India and Indonesia. With high financial flexibility, Tesla can boost its market presence by opening multiple gigafactory.

Li Auto (LI)

Among Chinese EV stocks, Li Auto (NASDAQ:LI) is worth considering for multibagger returns potential. Li Auto has emerged as a winner as compared to the likes of Nio (NYSE:NIO) and XPeng (NYSE:XPEV). The stock has surged by 50% for year-to-date 2023. Considering the delivery’s growth momentum, I expect the rally to sustain.

For May, Li Auto reported deliveries growth of 146% on a year-on-year basis to 28,277. Deliveries growth has been backed by the launch of new models and aggressive retail expansion. It’s worth noting that Li Auto has continued to focus on China. Global expansion might be on the cards in the next 12 to 24 months. That’s another potential catalyst for stock upside.

From a financial perspective, there are two points to note. First, the vehicle margin was 19.8% in Q1 2023. Margins have been robust, and Li Auto reported an operating cash flow of $1.13 billion for Q1. The business is already delivering strong free cash flows.

Furthermore, Li reported cash and equivalents of $9.46 billion as of March. The balance sheet provides flexibility to aggressively invest in innovation, expansion, and product development.

Albemarle Corporation (ALB)

Albemarle Corporation (NYSE:ALB) is another name among the top EV stocks for riches. The lithium segment of the company is the growth and cash flow driver. With rising EV adoption, a lithium supply gap is expected, and Albemarle is positioned to benefit.

It’s worth noting that ALB stock trades at a forward price-earnings ratio of 9.6. The stock also offers a dividend yield of 0.73%. Based on the valuation factor, it’s the best time to consider exposure to the stock.

From a growth perspective, the following point is worth noting. Albemarle reported a lithium conversion capacity of 85ktpa in 2019. Last year, the company boosted its capacity to 200ktpa. The company has guided for capacity expansion to 550ktpa by 2027. Therefore, revenue and EBITDA growth will likely remain robust in the coming years.

Lithium prices have been relatively depressed in 2023. However, considering the supply gap, lithium will likely remain in an uptrend. This will ensure strong growth in free cash flows. I, therefore, rate ALB as one of the best dividend growth stocks.

Panasonic Holdings (PCRFY)

Panasonic Holdings (OTCMKTS:PCRFY) stock has been trending higher with an upside of 45% year-to-date. I remain bullish on this EV battery manufacturer at a forward price-earnings ratio of 10.8. PCRFY stock also offers an attractive dividend yield of 1.8%.

There are two major reasons to be bullish on Panasonic. Broadly, these are aggressive expansion and investment in innovation. Panasonic has an operational battery plant in the U.S., and the company has initiated construction of a second plant. It’s rumored that the company is contemplating a third battery plant in Oklahoma.

Besides this, the Toyota (NYSE:TM) and Panasonic joint venture is looking for a manufacturing site in Japan. The aggressive expansion will ensure that market share is retained and healthy revenue growth.

From an innovation perspective, Panasonic aims to increase battery energy density by a fifth by 2030. This will make batteries smaller and lighter. The company also has among the largest number of patents in the solid-state battery space.

Solid Power (SLDP)

I would include a penny stock in the best electrifying EV stocks list. Solid Power (NASDAQ:SLDP) seems like the best pick, with the potential to deliver multibagger returns.

As an overview, Solid Power is in the process of commercialization of solid-state batteries. That’s still a few years away. However, the company seems to be moving in the right direction.

I am encouraged by the fact that the company has strong automotive partners that include Ford (NYSE:F) and BMW (OTCMKTS:BMWYY). Last year, Solid Power licensed its cell manufacturing and design process to BMW for parallel research and development.

Among positive catalysts, Solid Power expects to deliver EV cells to automotive partners in 2023. Further, the company commenced its SP2 electrolyte production facility in April. I believe that entry into the automotive qualification process towards the end of the year will be a major upside trigger.

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.