3 Smart EV Stocks to Buy With $1,000 Right Now

Many electric car stocks had a difficult 2024. Industrywide growth fell below initial expectations, with some EV stocks falling in value by 50% or more. But the long-term growth trajectory of EV demand remains intact.

So if you have $1,000 with you that you won't require for essential spending, and additionally looking to add high-growth stocks to your investment portfolio, now could be your chance. One of the three EV manufacturers below should be a fit for you.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. See the 10 stocks »

Go for growth with Lucid Motors

When it comes to chasing growth, Lucid Motors (NASDAQ: LCID) is king right now. Many EV makers are struggling to grow, and some are seeing their sales growth rates plateau. A few are even experiencing revenue declines. But not Lucid. Over the past 12 months, the company has boosted sales by around 18%. And looking forward, even more growth should be on the way. That's due to the recent introduction of Lucid's Gravity SUV model. Orders began in November, and actual shipments are only beginning to scale now. In 2025, analysts expect the company to grow sales by an astounding 117%.

RIVN Revenue (TTM) data by YCharts.

To be fair, the market is already pricing in much of this growth, valuing the company at 8.5 times sales. But if analyst expectations are achieved, shares trade at roughly 4 times forward sales, based on what the company is expected to bring in next year. With only a few models on the road and a market cap under $10 billion, Lucid arguably has more long-term upside potential than any stock on this list.

This EV stock looks like a bargain

When it comes to growth, Rivian (NASDAQ: RIVN) has proven it is more than capable. After going public in 2021, the company quickly grew annual sales from a few hundred million dollars to more than $5 billion by the middle of 2024. But then came a problem: The company didn't have any new models to launch that could help sustain these growth rates. The result has been a reduction in total sales over the past year, with the company's price-to-sales ratio falling to just 2.7. But if you're willing to remain patient, Rivian shares could soon look like a bargain.

RIVN PS Ratio data by YCharts.

Rivian's only models on sale right now are its luxury R1T and R1S models, both of which can cost upwards of $100,000. An inability to launch new models, particularly affordable models, has largely been behind the company's sales slump. But by the end of next year, Rivian expects to launch three new mass market models: the R2, R3, and R3X. These will be priced under $50,000 apiece and should provide another leg of growth equal to or greater than the company's last growth spurt.

It'll take time for these models to get to market. And for now, the market seems skeptical, pricing the stock well below its peers. But if you're willing to hold for 24 to 36 months, growth rates should pick up immensely, with the stock's valuation multiples likely following suit.

Don't give up on market leader Tesla

No portfolio of EV stocks would be complete without Tesla (NASDAQ: TSLA). On the surface, Tesla stock isn't much of a bargain. Shares trade at 14 times sales despite the company growing revenue by just 2.5% last year. While shares are hardly a bargain, the underlying business has two major advantages.

First, the company's CEO, while controversial, is certainly one of the best leaders of any publicly traded company when it comes to getting free publicity. Second, Tesla's capital advantage is miles ahead of any competitor's. That's important in the EV world, where designing and launching new models typically costs billions of dollars. It's important for investors not to disregard Tesla's existing manufacturing capabilities and knowledge.

So while Tesla isn't my favorite stock on this list, there are still plenty of reasons to invest. But if you're looking for maximum growth, stick with Lucid and Rivian.

Don’t miss this second chance at a potentially lucrative opportunity

Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.

On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:

• Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $311,343!*
• Apple: if you invested $1,000 when we doubled down in 2008, you’d have $44,694!*
• Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $526,758!*

Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.

Learn more »

*Stock Advisor returns as of January 27, 2025

Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.