Electric vehicles are the future of the automotive industry, and investors have become aware of that. Indeed, over the past decade, a wide range of EV stocks have taken growth investors on a nice ride. And while Tesla (NASDAQ:TSLA) is clearly the leader of this sector, there are plenty of other competitors ready to challenge it for market share right now.

With the global adoption of EV accelerating, this sector has boundless catalysts. Thus, top EV stocks continue to be in focus for investors with multi-year time horizons.

I think now is a great time for investors to consider buying EV stocks that provide exposure to electrification and green-energy trends. Here are three such companies that I think are among the top ways to play this space right now.

Polestar (PSNY)

Sweden-based Polestar (NASDAQ:PSNY) is one of the top EV stocks that doesn’t get enough love. The company is often viewed as a significant, direct competitor to Tesla, particularly in the European market. 

Considering the rapid proliferation of EVs in Europe, Polestar is a unique way to play this space. Analysts appear to agree, as their average 12-month price target of $10.50 for PSNY stock is nearly 100% above its current level.

Of course, Polestar will need to manage itself well in order to boost its stock to that level. And  it appears that the company is accomplishing that goal, as it recently deepened its partnership with Luminar, which provides light detection and ranging (LIDAR) technology that’s used to provide driver-assistance capabilities. Two of PSNY’s upcoming vehicles will come equipped with Luminar’s advanced Iris lidar system and its accompanying software.

One those models –the  Polestar 3 — is expected to be delivered to consumers next year,  providing investors with a meaningful, medium-term catalyst.

Nio (NIO)

It’s difficult to predict how well  China-based Nio (NYSE:NIO) will perform this year. Indeed, many experts and analysts seem to think that the company is likely to face many challenges in 2023. 

Notably, many of the same issues that slowed Nio’s growth in 2022 have lingered into this year. But its recent vehicle-delivery numbers indicate that it has  positive momentum . Accordingly, as Nio gears up to launch new models, this EV stock will probably climb further.

Of course, buying stocks at the best possible price is always everyone’s goal. And considering this stock is up more than 12% this year already, perhaps waiting for it to drop before pulling the trigger makes sense. 

That said, following a conversation with Nio’s leadership, Citigroup analyst Jeff Chung maintained his “buy” recommendation on the stock and set a price target of $23.30 on it.

Chung reported that Nio anticipates that it  will be able to double its sales in 2023 by introducing five new models. The automaker aims to sell between 80,000 and 90,000 electric vehicles in the first half of this year and between 150,000 and 160,000 in the second half.

Given these strong numbers and analyst support for the stock, February seems like a great time to start building a position.

BYD Co. (BYDDF)

The foremost provider of battery electric and plug-in hybrid vehicles in the world isn’t Tesla. Rather, that title belongs to China’s BYD Co. (OTCMKTS:BYDDF).

The dominant player in the EV sector,  BYD has greatly improved its fundamentals, as it has delivered tremendous growth.  In fact, the company recently announced that it expects its net profit in 2023 to be roughly five times higher than in 2022.

This kind of earnings growth is what many long-term investors who focus on fundamentals are seeking. Thus, it’s perhaps no surprise that Warren Buffett is among the company’s key investors.

As BYD continues to grow its electric-vehicle lineup, targeting middle-income consumers in China, I think its shares can advance much further.

The company’s vehicles are generally priced between 100,000 yuan and 200,000 yuan, making them more affordable than Tesla’s premium EVs which cost more than 200,000 yuan. As a result, BYD’s  market share is likely to grow more quickly than that of Tesla over time, particularly in China.

On the date of publication, Chris MacDonald did not have (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.