3 EV Stocks That Are Poised to Explode in 2023

The electric vehicle boom is only accelerating, creating a big opportunity for EV stock winners. In fact, according to the International Energy Agency, we could see 14 million EVs sold this year alone. Toyota Motor (NYSE:TM) recently said it’s targeting 1.5 million EV sales by 2026, and will launch 10 new EVs in the next three years. Volkswagen (OTCMKTS:VWAPY) just saw a 42% jump in EV sales in the first quarter.

Even the Environmental Protection Agency wants up to 60% of all new U.S. car sales to be electric by 2030. However, for that to happen, we’ll need a significant amount of lithium, which should drive these EV stock picks to the moon.

Albemarle (ALB)

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One of the top EV stock picks is Albemarle (NYSE:ALB), the lithium industry’s 800 lb. gorilla. While it’s been beaten down on soft lithium prices, don’t write it off. Not only is it starting to pivot from major support, but it could also see massive upside. From a current price I’d like to see it run back to $290 before the year is up.

With heavy EV demand, I’d see the recent ALB weakness as a buying opportunity. Analysts at the Bank of Nova Scotia (NYSE:BNS) seem to agree, upgrading the ALB stock to outperform with a $250 price target. Bank of America (NYSE:BAC) also upgraded the stock to neutral with a $200 price target. Interestingly, Bank of America had just downgraded ALB to a sell rating in early April.

Plus, as we wait for lithium prices to push higher and for ALB stock to recover, we can get paid to wait. The company announced a quarterly dividend of 40 cents per share, or $1.60 annualized. It’s payable July 3 to shareholders of record as of June 16.

Lithium Americas (LAC)

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Lithium Americas (NYSE:LAC) is developing North America’s largest known lithium source, the Thacker Pass mine. In fact, the company just started construction at the mine.  Even better, LAC just received a $650 million investment from General Motors (NYSE:GM) to accelerate the project’s development. The mine is expected to make its first delivery in the second half of 2026, at which point the profits should roll in.

In addition, Lithium Americas just completed the acquisition of Arena, which owned 65% of the Sal de la Puna project in Argentina, another lithium hot spot.

Amplify Lithium & Battery Technology ETF (BATT)

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If you are looking to diversify, at a relatively low cost, look no further than the Amplify Lithium & Battery Technology ETF (NYSEARCA:BATT). With an expense ratio of 0.59%, the BATT ETF provides exposure to global companies deriving material revenue from developing, producing and using lithium battery technology. Some of its top holdings include Tesla (NASDAQ:TSLA), Albemarle (NYSE:ALB), Sociedad Quimica (NYSE:SQM), and Panasonic (OTCMKTS:PCRFY).

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

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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