Electric vehicle stocks have emerged as one of the most sought-after investments. Furthermore, in the coming years, industry-leading EV companies are poised to dominate the auto market. In fact, the sector is expected to grow by a staggering $917 billion globally by 2028, boasting a compound annual growth rate of 20.6%. Therefore, the growth potential for the EV industry appears astronomical, pointing to a massive upside for high-reward EV stocks, including:

Electric Vehicle Stocks: Tesla (TSLA)

Tesla (NASDAQ:TSLA) is electrifying the automotive space as a true powerhouse in growth and brand recognition. The firm’s potent EV margin gives it the upper hand as it accelerates the production of existing models. Over the past several quarters, it boasted an incredible track record of top and bottom-line growth. In the first quarter of 2023, Tesla’s commitment to expansion has paid off, exceeding delivery expectations with 422,875 cars. This resulted in a revenue surge to $23.3 billion, a 24.2% bump year-over-year (YOY). Furthermore, the EV market as a whole has witnessed a global upswing, with soaring sales in the US, Europe, and China. With EVs gaining traction, Tesla remains poised to conquer new territories in the ever-evolving automotive landscape.

Electric Vehicle Stocks: Nio (NIO)

Chinese EV giant Nio (NYSE:NIO) enjoys a dual advantage of a competitive cost base and a sizable local market. Even better, the company watched as its annual deliveries skyrocketed from 11,348 in 2018 to a staggering 122,486 vehicles in 2022.

Furthermore, Nio has made significant strides in its Power Swap station network, expanding by 71% in 2022 to reach 1,331 stations. Though it may impact its short-term margins, the long-term benefits of this innovative approach should provide Nio with a cutting-edge advantage in the Chinese EV market. Additionally, Nio has been looking to expand beyond its domestic borders. That includes opening its first store and battery-swapping station in Norway a couple of years ago, followed by two showrooms in Germany. These initial forays into Europe set the stage for the EV titan’s domination in one of the fastest-growing EV markets.

In addition, despite the macroeconomic challenges ahead, NIO expects deliveries to range between 31,000 and 33,000, marking a substantial 20.3% to 28.1% YOY bump.

Electric Vehicle Stocks: Lithium Americas (LAC)

Lithium Americas (NYSE:LAC) is making massive strides as develops its Thacker Pass mine. Kicking off construction, the firm received a substantial $650 million investment from General Motors to fuel the project’s development. With the first deliveries slated for the second half of 2026, LAC is on track to post robust profits that should skyrocket in the coming years.

Moreover, LAC strategically expanded its lithium footprint by completing the acquisition of Arena, which held a majority stake in the Sal de la Puna project in Argentina, which is another lithium-rich region. As the company forges ahead with these two promising ventures, the company’s prospects appear brighter than ever, poised to impact the rapidly growing lithium market significantly.

ChargePoint (CHPT)

ChargePoint (NASDAQ:CHPT) is poised to flourish alongside the growth in EV sales. The firm operates a massive network of 100,000 EV charging stations across the U.S.  Moreover, it has effectively reaped the rewards of the Biden Administration’s pro-EV policies, securing grants and incentives to boost its top line. Additionally, with CHPT boasting 80% of Fortune 50 companies as its customers, its revenue and profits are set to skyrocket over the long term.

Furthermore, following a meeting with ChargePoint’s management, JPMorgan analyst Bill Peterson expressed optimism over the firm’s strategic direction and prospects for turning a profit soon. As we advance, analysts expect company sales to rise to a whopping $703.5 million this year and $1.1 billion in 2024.

BYD (BYDDF)

China’s leading EV manufacturer, BYD (OTCMKTS:BYDDF), has outperformed its regional competitors and experienced a remarkable 411% YOY surge in net profit in the first quarter. Additionally, the firm saw its revenue climb by nearly 80%. BYD aims to drive sales with innovative new car models, such as its affordably-priced Seagull at around $10,700. Moreover, BYD is ramping up production capacity by constructing new factories in Thailand and Vietnam, further solidifying its presence in the sector. Notably, investing mogul Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, BRK-B) has placed a sizeable bet on the Chinese automaker, further bolstering its long-term prospects.

Toyota Motor (TM)

Toyota Motor Corp. (NYSE:TM) is another leading legacy automaker. While some critics would argue that the company has been slow to embrace electrification, the Japanese giant is effectively accelerating its efforts. It announced a $35 billion investment plan in December 2021, aiming to launch 30 electric vehicle models by 2030, securing its position at the top of the EV heap.

In a recent move, Toyota revealed plans to invest more than $5 billion in EV battery production across the U.S. and Japan, with most of its new batteries being manufactured at its North Carolina facility. Furthermore, it has more than $10 billion earmarked for producing its first solid-state battery market by 2025.  Therefore, the automotive giant is leveraging its production prowess, economies of scale, and investment ability to become a formidable force in the EV market for years.

General Motors (GM)

U.S. automotive titan General Motors (NYSE:GM) has a bold new $35 billion investment plan through 2025 aiming to electrify its vehicle fleet and dethrone Tesla as the global leader in EV sales. GM’s electrification strategy includes introducing electric versions of its iconic Silverado truck and Hummer SUV while replacing its popular Chevy Bolt later this year, favoring upscale electric models.

GM’s plans to electrify its fleet have been incredibly bumpy for its investors. GM stock is down more than 10% in the past 12 months, trading at 2020 levels. However, its recent earnings reports signal a brighter horizon for the firm. Fresh off a first-quarter earnings beat and improved forward guidance showcasing the positive impact of cost-cutting measures and internal efficiency enhancements. Therefore, there’s plenty to like about GM stock and its prospects in the EV space in the long run.

On the date of publication, Muslim Farooque 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.