15 Best-Performing EV Stocks for May 2023
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As gas prices surged to all-time highs over the last year, so did interest in electric vehicles (EVs).
According to the International Energy Agency, global EV sales doubled in 2021 to a record of 6.6 million vehicles, and continued their strong growth in 2022.
Given these sales numbers, EV stocks have started to attract a lot of investor interest. And the subsidies introduced by the Inflation Reduction Act could boost sales even more going forward.
What are EV stocks?
Electric vehicle stocks, or EV stocks, include electric vehicle manufacturers, electric battery producers, and companies that make charging stations and electric motors. In a broader sense, EV stocks may also include mining companies and semiconductor companies that produce key EV components.
If you're looking for electric vehicle stocks, there are several to choose from. However, keep in mind that investing in individual stocks is typically riskier than investing in a well-diversified index fund or exchange-traded fund. And while often stock pickers will look for a strong track record of performance, many EV stocks don't have one, making the EV market speculative.
The table below shows the 15 best-performing members of the Solactive Electric Vehicles and Future Mobility Index that are also traded on major U.S. exchanges. The stocks are ranked by year-to-date return.
» Learn more about index funds vs. ETFs
Advanced Micro Devices
Southern Copper Corp.
Lucid Group Inc.
Cirrus Logic Inc.
Skyworks Solutions Inc.
Li Auto Inc.
Analog Devices Inc.
Fluence Energy Inc.
Stock data is current as of May 1 and is intended solely for informational purposes, not for trading purposes.
Traditional automakers making EVs
Electric vehicles aren't only being produced by new car companies. Legacy car manufacturers such as General Motors, Ford, Toyota and Ferrari all have plans to start producing electric vehicles. Some of these companies are even included in electric vehicle-themed ETFs.
EV stock ETFs
If you'd rather not pick individual electric vehicle stocks to include in your portfolio, EV exchange-traded funds, or ETFs, could be helpful. These ETFs hold a basket of stocks related to electric vehicles, including EV technology such as charging stations and vehicle batteries. One of these funds is the Global X Autonomous & Electric Vehicles ETF (DRIV). DRIV seeks to mirror the performance of the Solactive Autonomous & Electric Vehicles Index, which lists companies in the electric vehicle space.
One drawback of ETF investing is that you don't get complete control over what you invest in. For instance, while funds such as DRIV do invest in EVs and EV technology, DRIV's top holdings — Alphabet Inc. (GOOGL), Apple Inc. (AAPL), Qualcomm Inc. (QCOM), Intel Corp. (INTC) and Nvidia Corp. (NVDA) — may come as a surprise.
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How to buy EV stocks
If you're looking to add EV stocks to your portfolio, you'll need a brokerage account to purchase them. Setting up an account is relatively easy and takes about 15 minutes. Once you fund an account, you can research EV stocks and invest directly from your brokerage account.
If you're looking for more environmentally friendly investment options, you can also explore green stocks.
» Want to go deeper? Read our primer on how to buy stocks
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