Looking for EV stocks other than Tesla? Here are 5 of the hottest ones

Tesla (NDQ:TSLA) has undoubtedly been the pioneer among EV stocks, but it’s not the only one anymore. There are other pioneer EV stocks, not to mention traditional automotive stocks that are chasing market share in this growing market. But where are they all at?

The hottest EV stocks that is not Tesla

One company is BYD (SHE:002594), a Chinese company that is actually a bigger seller in China than Tesla, selling 3m in 2023 while Tesla sold 1.8m. BYD sold 373,000 new EVs in August 2024 alone. It has benefited from selling vehicles at lower price points and not being forced to slow down production due to lockdowns in China (while Tesla was).

Warren Buffet invested in this company back in 2008 and still owns a 7% stake. This EV stock is up more than 420% in 5 years.

BYD (SHE:002594) share price chart, log scale (Source: TradingView)

There are other EV stocks, but they’re lagging the competition

There are several other emerging EV stocks including Nio (NYSE:NIO), Xpeng (NYSE:XPEV), Rivian (NDQ:RIVN), Lucid (NDQ:LCID) and Polestar (NDQ:PSNYW).

But none of these have endured as significant share price growth as BYD over the last few years, because there is significant competition in the industry and these companies are lagging Tesla and BYD, not to mention traditional automakers that are turning electric. NIO sold 160,038 in 2023 (up 31% in a year), XPeng sold 141,601 (up 17%) and Rivian sold over 50,000.

You may not have thought of these companies as EV stocks

Traditional automakers may not be considered EV stocks at first glance. But these manufacturers are pivoting towards electric vehicles seeing the threat from Tesla. There are four in particular that we highlight.

First is European company Volkswagen (ETR:VOW3). It is one of the industry leaders, because it offers high-end luxury EVs, like the Audi e-tron and Porsche Taycan as well as budget models like the ID3 hatchback and ID4 crossover SUV. 

The second major player is, Toyota (TYO:7203). It is producing popular hybrid vehicles such as the Prius and Corolla Hybrid alongside traditional gasoline models, including the Camry and Rav4 SUV.

The third is Detriot-based Ford Motor Company (NYSE:F). Ford is ramping up its EV operations very quickly, aspiring to reach a production rate of 600,000 per annum by the end of this year and is investing US$50bn to make it happen. It will be one of the few manufacturers to offer pickup trucks (known in Australia as utes). Ford’s shares have been under pressure in recent weeks due to supply chain issues that have led it to miss its guidance.

Finally, General Motors Company (NYSE:GM), one of America’s oldest automakers, has made strides towards becoming an all-electric automaker over the past few years. It recently announced plans to invest $27bn into developing 30 new electric vehicle models by 2025 under their new “EV Everywhere” initiative. 

Toyota stands head and shoulders above the rest as the best long-term performer gaining 31% in 5 years.

Good EV stocks might be found where you’re not looking for them

It will be clear that Tesla isn’t the only EV stock anymore. There are several other companies, both newcomers and traditional carmakers, that are pivoting from internal combustion engines. But different EV stocks serve different market segments and are at different stages of their journey.

The EV market is undoubtedly a significant opportunity, but not all companies will grab the same share of the pie as others. The gain of other companies may come at the expense of others, so it is important for investors to know how much of a foothold their EV stock really has in the market and how strong the competitive moat is.

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