15 Best-Performing EV Stocks for May 2024

Whether you’re an environmentalist, a growth opportunist or a meme stock aficionado, electric vehicle stocks may seem like an enticing addition to your investment portfolio.
Sam Taube
Alana Benson
By Alana Benson and  Sam Taube 
Updated
Edited by Pamela de la Fuente

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According to the International Energy Agency, about 1.6 million EVs, or electric vehicles, were sold in the U.S. in 2023 — a significant increase from the 1 million sold the previous year

.

Increased sales and enticing EV tax credits may make investing in EV stocks more attractive than ever.

What are EV stocks?

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 one-year return.

» Learn more about index funds vs. ETFs

Best-performing EV stocks

Ticker

Company

Performance (1 Year)

NVDA

NVIDIA Corp

211.37%

AMD

Advanced Micro Devices Inc.

77.22%

NXPI

NXP Semiconductors NV

56.46%

GOOG

Alphabet Inc

52.13%

SCCO

Southern Copper Corporation

51.85%

ALV

Autoliv Inc.

39.60%

FCX

Freeport-McMoRan Inc

32.68%

GNTX

Gentex Corp.

24.32%

LI

Li Auto Inc ADR

11.83%

ADI

Analog Devices Inc.

11.52%

ENS

Enersys

9.02%

TXN

Texas Instruments Inc.

5.51%

CRUS

Cirrus Logic, Inc.

3.24%

SYNA

Synaptics Inc

1.58%

SWKS

Skyworks Solutions, Inc.

0.65%

Source: Finviz. Stock data is current as of April 30, 2024, and is intended solely for informational purposes, not for trading purposes.

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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 offer at least a hybrid electric vehicle, and most offer a fully electric model. 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, some of DRIV's top holdings — NVIDIA Corp. (NVDA), Toyota Motor Corp. (TOYOF), Microsoft (MSFT) and Alphabet Inc. (GOOGL) — 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.

Neither the author nor editor held positions in the aforementioned investments at the time of publication.
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