These EV stocks could knock Tesla off its perch as the most dominant EV company.

BYD Company(BYDDF): Triple-digit growth in sales and earnings is an incredible feat in the current economic climate.

Li Auto(LI): Should reach profitability much quicker than its peers.

FordMotor(F): Underrated EV stock that’s witnessing massive growth in sales for its all-electric lineup.

Lucid Group(LCID): Reservation numbers continue to climb at a healthy pace, a testament to its long-term case.

ChargePoint(CHPT): Massive market share in the EV charging infrastructure space, which should continue to grow at a breathtaking pace for the foreseeable future.

Mullen Automotive(MULN): The unique proposition of EVs with solid-state batteries makes Mullen an incredible speculative bet.

Nio(NIO): Trading at a dirt cheap valuation with an incredible growth runway ahead once the headwinds clear out.

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Tesla has been a clear leader in the space but has operated mainly without competition. However, in the past few years, we have seen multiple EV stocks emerge, which have the potential to perform better than the EV pioneer. In fact, John Murphy, a Bank of America analyst, had forecasted thatTesla’s EV market sharecould drop from a massive 70% in 2021 to just 11% within the next four years by 2025.

2022 has been a horrendous year for growth stocks. The Nasdaq is languishing in the bear-market territory, and most of the tech and growth names over the past several years have been hit incredibly hard. EV stocks seem to be no exception, as the entire sector has lagged, and investors have rotated out of growth names into value stocks.

Nevertheless, the EV market is expected togrow at an incredible 24.3% annually, from $287.4 billion last year to a whopping $1.3 trillion in 2028. Therefore, EV stocks remain great long-term bets, and investors must look past the short-term volatility.

Symbol Company Price

BYDDF BYD Company $24.50

LI Li Auto $16.75

F Ford Motor $13.26

LCID Lucid Group $13.64

CHPT ChargePoint $13.04

MULN Mullen Automotive $0.30

NIO Nio $9.94

BYD Company(BYDDF)

BYD Company(OTCMKTS:BYDDF) has been an anomaly in the Chinese EV space, highlighting its business model’s resiliency. Despite a depressed economy in China, it dished out a third quarter where its sales shot up by over 115%. Moreover, its quarterly net profit came in at an incredible $786 million,up 350% from the prior-year period. Its growth story is far from over, though, with it just getting started in its expansion in international markets, including South East Asia and Europe.

2022 has been an eventful year for the firm, delivering more green energy vehicles than Tesla. Moreover, its sales volume from its EV battery unit surpassedLGand is now second only toCATL. It expects to sell 1.78 million vehicles this year, with an over 120% bump in deliveries expected in 2024 to 4 million. Therefore, with an incredible outlook ahead, BYDDF stock is an excellent bet for the long haul.

Li Auto(LI)

Li Auto (NASDAQ:LI) and its peers have witnessed a dramatic slowdown in delivery growth this year. Consequently, LI stock price has plummeted to multi-year lows. Though its near-term outlook is a concern, its long-term case remains intact. It continues to release new models to broaden the depth of its portfolio. It is already producing multiple flagship models with an easy-to-manage production line. Therefore, it has immense potential for an upward revaluation in the coming months.

The market expects Li Auto to achieve its first profit in fiscal 2022, which implies that it’s expected to reach profitability a lot quicker than its rivals inNio(NYSE:NIO). Nio, for instance, is only expected to post profits in fiscal 2024. The profitability estimate is a massive nod of approval for Li Auto as it rises up the ranks in the EV sphere.

FordMotor(F)

FordMotor (NYSE:F) is often an overlooked EV stock. The Detroit automaker is a pioneer in the production of traditional combustion-engine trucks, and its transition to EVs has investors skeptical. However, its recent results suggest that electric versions of its popular trucks are gaining immense traction.

EV sales shot up almost 120% on a year-over-year basisto 6,261 units, with retail sales up 79.1%. The F-150 Lightning has been the best-selling electric truck since its release this year. Early signs for the F-150 Lightning sales are strong and have exhibited the potential to outsell its traditional model in the not-so-distant future.

Moreover, Ford plans to ramp its EV capacity from 600,000 by the end of 2023 to 2 million by 2026. Also, it will be securing deals for battery minerals with suppliers to ensure its targets are met effectively. Hence, Ford has some ambitious plans to dominate the EV space, making it one of the top prospects in the sector.

Lucid Group(LCID)

Lucid Group (NASDAQ:LCID) is a Chinese pure-play luxury EV maker that has quickly become one of the most popular brands in its niche. Its gorgeous Lucid Air has greater range and legroom than most of Tesla’s models. Former Tesla executives lead the firm, and the goal is to solidify its position in the luxury EV segment.

Due to supply-chain bottlenecks, it couldn’t expand its factory output. However, its recent third-quarter update has been more encouraging and suggests that its production ramp is going according to plan. Moreover, its reservations continue to increase each quarter, amounting toover $3.5 billion in potential sales. Also, with a cash balance of more than $4.5 billion and its partnership with the Kingdom of Saudi Arabia, it should have plenty of liquidity to push the afterburners with its production.