4 Top Electric Vehicle Stocks to Buy in March

EV stocks are due for a rebound, and that could be in the next year. Even if it’s not, these are four that are superior long-term buys.

Electric car being charged

Image source: Getty Images

Electric vehicle (EV) stocks got a boost this week, with some Chinese companies seeing growth in the industry over the next year or so. This comes after a hard time in the industry, with shares of EV stocks dropping severely after so much interest.

While 2024 may not be the year that we see a surge in investor interest once more. Plus, there remain limited models, most of which aren’t exactly cheap. However, if you’re a long-term investor, right now offers a huge opportunity for growth. And these are the four I’d consider right now.


While it might be headed by a chief executive officer (CEO) who is a bit “out there,” to say the least, Elon Musk clearly is a market leader when it comes to EVs. The company has strong brand recognition, as well as making huge technological advancements usually ahead of others.

Furthermore, Tesla (NASDAQ:TSLA) stock has been coming out with a wide range of models, attempting to bring the price down for the everyday consumer. Plus, it’s not just an EV company. It provides a wide range of other electric products, from solar power to battery storage.

While there remains even more competition in the market, it’s likely Tesla stock will be the biggest winner among EV stocks over the next few years. So, with shares still down 3% in the last year, it could be a good time to buy for long-term holders.


One of the biggest competitors to Tesla stock is BYD (OTC:BYDD.Y)(OTC:BYDD.F). The Chinese company is also a major EV stock and, in fact, is now the strongest in the country. That’s huge, given that China is the world’s largest EV market.

The company also has several business areas, including auto producing everything from commercial vehicles to hybrids. It also offers electronic components and assembly and energy solutions. What’s more, while the dominant position is important in China, it also stands out internationally. This comes from its in-house battery production with the “Blade Battery.” This battery is known for its safety, longevity, and affordability, most importantly.

The diversification and market position cannot be understated. So, as the company expands globally, there really is even more growth available for BYD stock. Meanwhile, shares are still down 8% for investors to pick up long term.


Among EV stocks, Rivian Automotive (NASDAQ:RIVN) is the new kid on the block. Founded in 2009, it’s still managed to disrupt the EV market, as it focuses on adventure vehicles. There’s its electric pick-up — a market that many are trying to get into. There’s the SUV, offering a traditional SUV layout while still offering an impressive driving range. Then there’s the delivery van, designed for custom fleets and huge purchases.

This unique segment has set it apart from the rest. Rivian stock is now looking to ramp up production, but it’s still seeing competition in this market. So, the company will need to come up with even more options if it hopes to remain on top.

Even so, strategic partnerships have helped the stock, such as with Amazon (NASDAQ:AMZN). These have allowed for significant investments and have kept the stock in headlines. Even so, more is needed, as shares are down 45% in the last year. But as the market picks up, analysts believe Rivian stock will, too.

Magna stock

You didn’t think I’d leave out Canada? While not an EV stock directly, it helps indirectly. Magna International (TSX:MG) is an important part of the EV supply chain, from electric motors to battery enclosures. It also offers a diverse customer base from Ford to General Motors.

It’s also developing its own EV capabilities so it’s not reliant on existing products. This should help when it comes to electric motors, advanced battery operation, and even e-axles. 

As demand continues, Magna stock will continue to see demand for its services as well. That indirect exposure also provides more diversification. So if there’s one due to make a comeback first, it’s likely Magna stock on the TSX today. And with shares down 5%, now could be the time to buy.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Amazon, BYD, Magna International, and Tesla. The Motley Fool has a disclosure policy.

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