Stocks to buy

3 EV Stocks Destined to Dominate Headlines in 2024

There have been some concerns related to EV stocks over sales. However, the S&P report rightly points out that the “demise of EVs have been greatly exaggerated.”

The report also mentions that battery electric passenger vehicles are “on track to post 13.3 million units worldwide.” In terms of year-on-year growth, the United States and Europe are likely to take the lead. I therefore remain bullish on EV stocks as an attractive investment theme for the next year and beyond.

Positive sector tailwind doesn’t guarantee success for all EV stocks. Intense competition in the industry will lead to bankruptcies or acquisitions in the next few years.

This column therefore focuses on three EV stocks for 2024 that are also worth holding until 2030. Let’s discuss the reasons to be bullish on these EV growth stories.

Li Auto (LI)

Source: Robert Way /

It’s been an exciting year for Li Auto (NASDAQ:LI) in terms of deliveries growth and improvement in financial metrics. I expect a successful year ahead with at least 100% returns from LI stock at $33.

Li Auto has been reporting stellar growth in vehicle deliveries and this trend is likely to sustain in 2024. One reason is the launch of Li MEGA that’s due in February 2024.

With global rate cuts, consumption spending is likely to increase. Li stands to benefit from the company’s aggressive retail expansion in China.

At the same time, Li Auto is likely to expand into international markets. It’s expected that the company will be exploring the Middle-East markets. This is another catalyst for deliveries growth. Li Auto ended Q3 2023 with a cash buffer of $12.13 billion.

A strong cash buffer and robust free cash flows provide flexibility for aggressive investments. Overall, LI stock looks undervalued and is likely to be among the best performing EV stocks in 2024.

Tesla (TSLA)

Source: Arina P Habich /

When talking about EV stocks, it’s difficult to ignore Tesla (NASDAQ:TSLA). Besides the price action, Tesla remains in news and 2024 is unlikely to be any different.

Cybertruck mass production set for 2024. This will likely boost delivery growth. The launch of Tesla Roadster, with a 620-mile range, is imminent.

Besides the potential new launches, Tesla is likely to announce one or more Gigafactory location next year. India and Indonesia are potential locations for expansion in Asia and Southeast Asia. In 2022, Tesla had talked about its ambitious target to sell 20 million EVs annually by 2030.

It’s worth noting that Tesla is also working towards the potential launch of its most affordable car. I expect more details on this car next year and it can be a potential game-changer in emerging markets. With all these impending developments, I am bullish on TSLA stock for the coming year.

Panasonic Holdings (PCRFY)

Source: testing/

Panasonic Holdings (OTCMKTS:PCRFY) stock is among the deeply undervalued EV stocks for 2024. At a forward price-earnings ratio of 8, the stock looks poised for a rally relatively soon. Further, PCRFY stock offers a dividend yield of 2.3%.

However, depressed valuation is not the only reason to be bullish. Panasonic is targeting a four-fold jump in battery capacity by 2031 to 200GWh.

Recently, the company dropped plans for a battery plant in Oklahoma. However, Panasonic has retained its 2031 guidance. I therefore expect multiple announcements in 2024 related to new EV battery plant locations.

From a long-term perspective, Panasonic is looking for growth through diversification. As an example, the company is targeting solid-state batteries for drones by 2029.

On the innovation front, Panasonic expects to increase battery density by 20% by 2030. It’s the investment in innovation coupled with plans for battery capacity expansion that will ensure a stable market share for Panasonic.

On the date of publication, Faisal Humayun did not hold (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 Publishing Guidelines.