3 EV Stocks That Could Double Your Money by 2024

By now, we’re all familiar with the electric vehicle story and that there’s always come controversy around the best EV stocks to buy.

We know we’re looking at a potential multi-billion-dollar story, as EV sales accelerate all around the world. In fact, in the first quarter of 2023, Americans bought over 250,000 EVs and may be on pace to buy more than a million of them this year, according to Kelley Blue Book.

We also know global leaders want millions of EVs on the roads, as they fight back against climate issues. Still, even with all of that positive news, there are still plenty of beaten-down or undervalued EV stocks to buy.

“Many analysts talk about tipping points in the industry when volume quickly accelerates,” Cox Automotive says. “Considering automaker investments and future product plans on the table, that tipping point may well be fast approaching, if not already here.”

Wth that in mind check out these three EV stocks to buy for the future.

LAC
Lithium Americas 
$20.25
KARS
Krane Shares Electric Vehicles and Future Mobility ETF
$30.00
SLDP
Solid Power
$2.81

Lithium Americas (LAC)

Source: tunasalmon / Shutterstock

Lithium Americas (NYSE:LAC) is the developer of North America’s largest known lithium source, the Thacker Pass mine, making it one of the top EV stocks to own.

For one, the world is likely to see lithium shortages by 2025, according to the International Energy Agency, driven by the push to electrify transportation.

LAC just started construction at its Thacker Pass lithium project in Nevada after clearing regulatory hurdles. Even more impressive, the company just received a $650 million investment from General Motors to accelerate the development of the project. LAC should make its first delivery in the second half of 2026, at which point the profits should start rolling in.

KraneShares Electric Vehicles and Future Mobility ETF (KARS)

Source: shutterstock.com/Nixx Photography

The Krane Shares Electric Vehicles and Future Mobility ETF (NYSEARCA:KARS) is accelerating, too.

With an expense ratio of 0.70%, this ETF provides exposure to companies involved in the production of EVs and their components.

It’s also benchmarked to the Bloomberg Electric Vehicles Index, according to KraneShares.com. Some of its top holdings include Albemarle, BYD Co., Tesla, Panasonic Holdings, Aptiv, Samsung, and Lucid Group to name a few.

Solid Power (SLDP)

Source: T. Schneider / Shutterstock.com

EV battery stocks like Solid Power (NASDAQ:SLDP) could see higher highs, too.

For one, the U.S. Department of Energy just awarded the company over $5 million to develop its technology, “which could significantly help lower the price of EV batteries,” according to Electrek.com.

Also, just last year, the company said it would co-develop its solid-state technology with BMW (OTCMKTS:BMWYY), which should help accelerate the project. Even better, it initiated an EV cell pilot line. The company will be delivering EV cells to automotive partners in the first half of 2023 for testing.

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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