In recent years, investors have watched the long-imagined promise of electric vehicles become a reality. Morningstar forecasts that EVs will account for one in three autos sold globally by 2030, up from just under 14% in 2024. Companies like Tesla TSLA, Rivian RIVN, and BYD have ridden the waves of EV investor interest.

For investors exploring EV stocks, Tesla may be top of mind. But, companies in developing industries bring promise along with uncertainty, and Tesla is no exception.

“As an EV market leader, Tesla is subject to growing competition from traditional automakers and new entrants,” says Morningstar strategist Seth Goldstein. “As new lower-priced EVs enter the market, Tesla may have to continue cutting prices, reducing its industry-leading profits. With more EV choices, consumers may view Tesla less favorably.”

What Should Investors Know About EV-Exposed Stocks?

The unique features of the EV market mean there are some special points investors should keep in mind when considering these stocks. “EV sales in the US and Europe are still driven by subsidies,” Goldstein says. “As a result, changes in subsidies can cause large changes in EV sales, with subsidy cuts causing sales to quickly decline. For investors of EV-exposed stocks, a subsidy cut can cause stocks to decline on anticipation of lower EV sales, while a new subsidy can cause stocks to rise on anticipation of higher EV sales.”

Chinese EVs are growing fast and quickly taking market share, Goldstein notes.

“For investors in companies in the EV supply chain, its important to understand how much revenue comes from sales to Chinese EV companies,” he says. “This is not the case for the US market as Chinese EVs do not currently sell in the US. For investors, if a company has little Chinese EV exposure or US market exposure, the company may see its results underperform even if global EV sales growth continues.”

YTD Performance for EV-Exposed Companies (%)

Source: Morningstar. Data as of 6/17/2025.

EV-Exposed Stocks: A Framework Evaluating Investing Opportunities

Which companies provide investors with the most exposure to the EV theme?

Morningstar’s Thematic Indexes can provide a starting point for investors who want exposure to EV-related companies and are interested in exploring possibilities beyond Tesla and other automakers.

To build our list of top EV-exposed stocks, we looked to thematic exposure scores from the Morningstar Equity Research team. Based on fundamental research from Morningstar equity analysts, these scores reflect a company’s exposure to a variety of investment themes.

When scoring companies, analysts consider three things:

• What percentage of companywide revenue they expect will be linked to a particular theme five years into the future.
• Whether the company’s exposure to a theme drives a net profit increase over the next five years, rather than simply cannibalizing existing profits.
• What role the company plays in the supply chain for the thematic good/service in question. “Producers” can earn a higher score than “suppliers” and “downstream users” aren’t eligible.

Stocks on this list earned a thematic exposure score of 3 or higher for the Electric Vehicles theme. Each stock is a current constituent of the Morningstar Global Next Gen Transportation Index. All data is as of June 23, 2025.

This list covers a broader scope than one that contains only EV automakers. It provides EV exposure through a diversity of sectors and industries—including automakers, mining and metals, semiconductors, specialty chemicals, and specialty retail.

Even with this broader exposure, investors may notice some expected names missing from this list. Rivian is not included because it is not under Morningstar analyst coverage. BYD is also not covered by a Morningstar analyst, despite its presence on the Morningstar Global Next Gen Transportation Index. The list of companies with EV exposure also doesn’t include companies with small or low-ranking thematic EV exposure.

Here’s a little more about the EV-exposed stocks on our list. All data is as of June 23, 2025.

Auto Manufacturers

Li Auto

Li Auto is a leading Chinese NEV manufacturer that designs, develops, manufactures, and sells premium smart NEVs. The company started volume production of its first model Li One in November 2019. The model is a six-seater, large, premium plug-in electric SUV equipped with a range extension system and advanced smart vehicle solutions. It sold over 500,000 NEVs in 2024, accounting for about 4% of China’s passenger new-energy vehicle market. Beyond Li One, the company expands its product line, including both BEVs and PHEVs, to target a broader consumer base.

Read more about Li Auto here.

NIO

Nio is a leading electric vehicle maker, targeting the premium segment. Founded in November 2014, Nio designs, develops, jointly manufactures, and sells premium smart electric vehicles. The company differentiates itself through continuous technological breakthroughs and innovations such as battery swapping and autonomous driving technologies. Nio launched its first model, its ES8 seven-seater electric SUV, in December 2017, and began deliveries in June 2018. Its current model portfolio includes midsize to large sedans and SUVs. It sold around 222,000 EVs in 2024, accounting for about 2% of the China passenger new-energy vehicle market.

Read more about Nio here.

XPeng

Founded in 2015, XPeng is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets EVs in China. Its products primarily target the growing base of technology-savvy middle-class consumers in the midrange to high-end segment in China’s passenger vehicle market. The company sold over 190,000 EVs in 2024, accounting for about 2% of China’s passenger new-energy vehicle market. It is also a leader in autonomous driving technology.

Read more about XPeng here.

Lithium Producers

Albemarle

Albemarle is one of the world’s largest lithium producers. In the lithium industry, the majority of demand comes from batteries, where lithium is used as the energy storage material, particularly in electric vehicles. Albemarle is a fully integrated lithium producer. Its upstream resources include salt brine deposits in Chile and the US and two hard-rock mines in Australia, both of which are joint ventures. The company operates lithium-refining plants in Chile, the US, Australia, and China. Albemarle is a global leader in the production of bromine, used in flame retardants. It is also a major producer of oil-refining catalysts.

Read more about Albemarle here.

Ganfeng Lithium Group

Ganfeng is the world’s third largest and China’s largest lithium compounds producer and the world’s largest lithium metals producer in terms of production capacity. The company offers five major categories of more than 40 lithium compounds and metals products, which is one of the most comprehensive product offerings among the suppliers globally.

Read more about Ganfeng Lithium Group.

IGO

IGO is a mining and exploration company based in Western Australia. Its primary asset is a minority stake in the Greenbushes lithium mine through a joint venture with Tianqi Lithium Corporation and Albemarle. Greenbushes is the world’s highest-quality hard-rock lithium resource.

Read more about IGO.

Lithium Americas (Argentina)

Lithium Argentina is a pure-play lithium producer. The company owns two neighboring lithium brine resources in northwest Argentina: Cauchari-Olaroz and Pastos Grandes. Cauchari-Olaroz entered production in 2023, while Pastos Grandes is still in development. Lithium Argentina plans for both resources to be fully integrated with onside downstream processing capabilities and will sell into the lithium chemical market.

Read more about Lithium Americas Argentina here.

Lithium Americas

Lithium Americas is a pure-play lithium producer. The firm owns 62% of one resource, Thacker Pass, which is in northwest Nevada, with automaker General Motors owning the remaining 38%. Thacker Pass recently began construction and is expected to begin production in the late 2020s. Thacker Pass is one of the largest known lithium resources in the world. The project would be the first clay-based asset to enter production, and we estimate it will be in the bottom half of the global cost curve. Management plans to develop Thacker Pass into a fully integrated lithium production site, with downstream refining capabilities on-site, and will sell into the lithium chemical market.

Read more about Lithium Americas here.

Sociedad Quimica Y Minera De Chile

Sociedad Quimica y Minera de Chile is a Chilean commodities producer with significant operations in lithium (primarily used in batteries for electric vehicles and energy storage systems), specialty and standard potassium fertilizers, iodine (primarily used in X-ray contrast media), and solar salts. The company extracts these materials through its high-quality salt brine deposits and caliche ore. SQM is developing a hard-rock lithium project in Australia and expanding its lithium-refining assets in China.

Read more about Sociedad Quimica Y Minera De Chile here.

Specialty Retail

ChargePoint Holdings

ChargePoint Holdings Inc designs, develops, and markets networked electric vehicle charging system infrastructure and cloud-based services that enable consumers to locate, reserve, and authenticate EV charging. The company’s hardware product lineup includes solutions across home, commercial, and fast-charging applications. ChargePoint derives the majority of its revenue from the United States.

Read more about ChargePoint.

EVgo

EVgo owns and operates a public direct current fast-charging network in the US. Its network of charging stations provides electric vehicle charging infrastructure to consumers and businesses. The network is capable of charging all EV models and meets all charging standards currently available in the US. EVgo partners with national and regional chains of grocery stores, automotive original equipment manufacturers, hotels, shopping centers, gas stations, parking lot operators, local governments, and independent property owners to locate and deploy its EV charging infrastructure.

Read more about EVgo here.

EV-Exposed Companies: More Ideas to Consider

Investors who would like to extend their search for EV-exposed companies can do the following:

• Explore Morningstar’s Thematic Indexes to learn about global thematic fund survival and performance trends.
• Delve into Morningstar’s Guide to Thematic Funds and see how our dataset can support effective fund evaluation and uncover investment opportunities.
• Use the Morningstar Investor screener to build a list of EV-exposed stocks to research and watch.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.