As electric vehicles (EVs) gain popularity, several EV stocks have emerged as successful investments. While Tesla (NASDAQ:TSLA) has been a standout performer, the market has matured, offering numerous opportunities beyond the well-known EV pioneer.

Additionally, the EV sector has become increasingly competitive, presenting a range of options for investors seeking the “next Tesla.” It’s important to note that not all EV stocks are equal, and some may struggle during an economic downturn. With a potential recession on the horizon, many investors are cautious about investing in EV stocks, particularly those that are pre-revenue and may lack financial stability.

That said, here are three skyrocketing EV stocks offering the potential for massive long-term upside for investors.

Byd Co. (BYDDF)

BYD Co. (OTCMKTS:BYDDF), a major competitor to Tesla, has significant advantages and growth potential. The company recently announced the launch of a new EV brand called Fang Cheng Bao (translation “formula” and “leopard”), featuring a range of vehicles from sports cars to off-road models. BYD has already sold 996,476 cars in the first five months of this year, double the previous year’s figure. It has expanded its presence beyond China, entering markets like Japan, Europe, and Latin America. In addition to vehicle production, BYD is a leading EV battery manufacturer and plans to expand production of its lithium iron phosphate Blade Batteries. China’s prominent role in the global EV market positions BYD for further success.

BYD is the leading EV seller in China, surpassing Tesla, and is also the largest automaker in China. It has a strong presence in the EV market, selling the most EVs globally if long-range plug-in hybrid vehicles are included. Additionally, BYD manufactures EV batteries, positioning itself to benefit from the growing demand for batteries in the booming global EV industry. The company is expanding its production of EVs for businesses, further driving its growth.

Nio (NIO)

NIO (NYSE:NIO), the so-called “Tesla of China,” has overcome production challenges and is now positioned for success. With China’s zero-COVID strategy lifted, NIO can accelerate production and meet rising demand.

The company’s growth is driven by its continuous innovation, introducing new and upgraded EV models like the ET7 and ET5 sedans with exceptional long-range capacity, outperforming Tesla’s Model 3 in range. NIO is set to relaunch its ES6 mid-sized SUV with the upgraded NT 2.0 platform, enhancing autonomous driving capabilities. The company’s battery-as-a-service (BaaS) subscription further sets it apart, offering customers flexible battery options and securing long-term revenue.

NIO stock received a boost from the extension of tax exemptions on electric vehicles by the Chinese government. Although May deliveries were disappointing, the stock has shown some recovery. With a market capitalization of around $13.2 billion and fiscal 2022 sales of approximately $7 billion, NIO’s stock opened at $7.88 per share, down 22% for the year but up 4.6% over the last month.

NIO’s commitment to innovation and customer loyalty makes it a top choice among EV stocks for impressive returns. Don’t miss the chance to join NIO’s remarkable journey in the EV market.

Lithium Americas (LAC)

With legacy automakers gearing up to introduce electric vehicles (EVs) to their lineups, smaller lithium stocks like Lithium Americas (NYSE:LAC) are experiencing a surge. Lithium Americas, in partnership with Ganfeng Lithium, is developing lithium extraction sites in Argentina and has initiated construction on a site in northern Nevada, as outlined in its feasibility study. Despite not generating revenue currently, the company stands to benefit from the potential increase in EV sales.

Furthermore, Lithium Americas is preparing for operations in the second half of 2023, which will greatly accelerate its growth. Its presence in Argentina, with upcoming lithium production at the Cauchari-Olaroz site and potential construction at Pastos Grandes Basin, further strengthens its positive prospects. Additionally, the company intends to separate its U.S. and Argentine operations, aiming to unlock enhanced long-term value for its investors.

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.