Since electric vehicles (EVs) are a growing industry, many investors are looking to find the most promising EV stocks. The returns many EV stocks have provided over the last decade crush most comparable sectors over this time frame.

Much of this growth has come from industry-leading Tesla (NASDAQ:TSLA). Accordingly, while Tesla remains a core holding of many EV investors, there are other notable options out there to consider.

Among the top companies I’m going to look at are direct competitors to Tesla, in various markets. I’m of the view that the EV market could get more fragmented over time. Currently, it’s a market that’s dominated by one player, but I don’t think that will be the case 5 or 10 years from now.

With that said, here are three of the most promising EV stocks on my radar right now.

BYD Co. (BYDDF)

As an established contender in the electric vehicle market, BYD Co. (OTCMKTS:BYDDF) currently stands as the leading EV manufacturer. BYD has established itself as a tremendously successful electric automotive firm with a fantastic proven record, even though it does not have one of the most well-known names in the market.

BYD is the number one manufacturer of EVs in the world. Indeed, this is partly due to investments from Warren Buffett and others in the market that supported BYD’s journey. Remarkably, BYD’s January EV sales of 911,141 units and hybrid sales of 946,238 units have provided year-over-year growth of more than 200%. Indeed, there are few companies that can boast this kind of growth rate. Even the mighty Tesla hasn’t seen this kind of growth for quite some time.

The Chinese electric vehicle and battery behemoth has far surpassed Tesla in the Chinese market. Additionally, the company has provided an optimistic profit outlook for Q4 and 2022 last Jan. 30. Thus, there’s plenty to be excited about in terms of growth on the horizon.

However, a recent Reuters report suggests that the company is reducing production due to declining demand across China’s electric vehicle industry since the year’s start. Despite being the fastest-growing EV market in the world, China, like the rest of the world, is seeing growth slow right now.

That might just provide the kind of dip EV investors are looking for. In my view, BYD is a company to buy and hold for a very long time. This is one stock I bought (and unfortunately sold), but am looking to get back into at a better price. We’ll see if the market provides such a discount in April.

Nio (NIO)

Nio (NYSE:NIO) is also eyeing the rapidly growing Chinese electric vehicle market. The company has plans to double its sales in 2023 by launching new products and expanding its lineup. Despite significant operational obstacles, the Chinese EV startup seeks to capitalize on the market’s potential. As for whether Nio stock is a good investment, that remains a topic of debate among investors.

Nio, a Chinese electric vehicle manufacturer, produces and sells SUVs and sedans. In addition to its primary offerings, the company provides its customers with vehicle inspection services and energy products.

The company’s anticipated Q1 sales of $1.6 billion fell below Wall Street’s prediction by roughly $1 billion. This miss was notable, and highlights the effects of slowing growth in China. That said, Nio did post some impressive deliveries, and this will be the key metric the company is likely valued on moving forward.

Nio is positioning itself as a leader in the premium electric vehicle market in China, where its EVs are priced higher than those of Tesla. Notably, Tesla has reduced prices twice in recent months, leading to worries about a potential price war. These worries, combined with continuous losses, has led NIO stock approximately 20% lower from its January peak.

That said, I think this discounted stock price could be a buying opportunity. If additional weakness is seen in April, this is a stock I’ve got on my buy list to consider adding.

Lucid (LCID)

Lucid (NASDAQ:LCID) is a technology and automotive firm specializing in creating, developing, producing and distributing electric vehicles, EV powertrains and battery systems. The business’ distribution approach combines direct-to-consumer internet and retail trade with various internationally scattered commercial and service sites. Additionally, the company has a well-planned product roadmap for upcoming vehicle programs and technologies.

Midway through March, Lucid Group built a new shop outlet in California, which resulted in a 13% boost in the company’s share value. Even yet, it’s still being determined how this will affect upcoming revenue data, so investors should certainly keep this development in context.

Lucid Group is not considered a strong contender among American EV manufacturers, particularly in the domestic market. Certainly, this is a difficult time for the company to sell its high-end luxury vehicles, as rising inflation may cause consumers to prioritize cost over luxury.

While it is understandable why EV makers focus so closely on increasing revenues, some critics are concerned that Lucid Group is focusing too much on marketing and sales, neglecting production and delivery. Moreover, Lucid’s reservation data suggests that existing orders are being canceled, with only 28,000 reservations reported as of Feb. 21.

That said, Lucid has put more emphasis on its production of late, and I think additional focus on getting cars out of the door and shipped will boost this company’s allure down the road. For now, LCID stock remains among the more speculative names on this list. That said, in the high-end space, this is a stock that I think has some serious potential.

On the date of publication, Chris MacDonald did not have (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 InvestorPlace.com Publishing Guidelines.