Investors looking at the electric vehicle space certainly have several options to choose from. In this market, many valuations across EV players have come down to more attractive levels. However, choosing the best EV stocks to buy is more challenging than it looks.

That’s mainly because the macro picture right now isn’t great. Due to rapidly rising interest rates, growth stocks (such as those in the EV space) have been hit very hard by Mr. Market. Indeed, the share prices of many of the companies on this list are significantly below their peak in 2020 or 2021. That’s because higher discount rates make companies with earnings that are years away less desirable. It’s the way things are right now.

That said, investors looking for EV stocks to buy certainly have reasons to consider these growth companies. First, how much of this poor sentiment and valuation hit has already baked in a negative environment moving forward? Secondly, growth in the EV sector is likely to continue, with most governments in full support of this technological transformation.

As the world electrifies, EV usage is expected to take off absolutely. In the U.S., subsidies to support EV adoption have certainly helped. Via President Biden’s recent Inflation Reduction Act, a tax credit of $7,500 on new electric vehicles and $4,000 for used ones has been extended. This could further bolster what’s expected to be the core market for most auto manufacturers in just a few years.

Here are three EV stocks to buy for investors taking a long-term view of this sector right now.

Tesla (TSLA)

Any EV stock list should start with Tesla (NASDAQ:TSLA).

Indeed, U.S.-based Tesla is one of the world’s most iconic electric vehicle brands. The company’s flamboyant CEO, Elon Musk, has made headlines (both good and bad) over his recent acquisition of Twitter (NYSE:TWTR). And while many think this could be a distraction, given he’s the CEO of several other large companies, it’s clear this is a man on a mission to solve complex problems.

I’ve been bearish on Tesla in the past and continue to be skeptical of the company’s valuation. That’s because there’s plenty of high-quality competition out there, which only appears to be getting more aggressive in its search for a piece of this growing pie. That said, Tesla will remain the leader in the EV space for at least a few years to come. Thus, many expect Tesla to draw more car buyers into the company’s ecosystem, driving even more growth over time.

There’s something to be said about a first-mover advantage, and Tesla certainly has such an advantage in this high-growth sector. Thus, for investors looking to make a direct bet on this space, Tesla is the easiest option to consider right now.

Lucid (LCID)

An earlier-stage competitor to Tesla in the luxury EV space is Lucid (NASDAQ:LCID). This company certainly makes many investors’ lists of EV stocks to buy for various reasons. Indeed, in the minds of many investors, Lucid looked eerily similar to Tesla maybe a decade ago.

This is a U.S.-based company that designs, engineers, and builds its own vehicles from the ground up. The company’s aggressive growth plans started with production targets of 6,000 to 7,000 electric vehicles in 2022.

Thus, the company has already completed the production of 2,282 EVs in the third quarter of 2022. These cars came from Lucid’s Arizona manufacturing facility, with deliveries totaling nearly 1,400. Thus, production and delivery numbers for this early-stage company will continue to be the focal point of many investors.

Lucid is also an interesting company to consider for its global appeal. The company’s brand has seen strong demand from other global markets, with Lucid recently opening its first studio in Riyadh, Saudi Arabia. This retail luxury space will allow customers to experience the brand and its offerings luxuriously. The company has also adopted a direct-to-consumer model. This model will enable its clientele to get a top-notch buying experience customized according to their needs. This premium experience will be available for both online and offline inquiries.

For long-term investors looking for the “next Tesla,” Lucid is often the first option that comes to mind. This company’s cars are certainly pricey, and if we are headed into recession, there’s some risk. We all saw what Tesla could accomplish, and Lucid could be on the brink of breaking out.

Polestar (PSNY)

Let’s round out our list of EV stocks to buy with Polestar (NASDAQ:PSNY), shall we?

This Sweden-based EV manufacturer is another premium electric vehicle producer I’m more bullish than on the previous two options.

That’s because Polestar is further along in its development than other premium EV Tesla competitors. The company recently announced the delivery of roughly 9,215 EVs in Q3 2022. This resulted from an increase in production that the company saw after some pandemic restrictions in China were relaxed.

Now, geopolitical risks apply to all companies on this list. Accordingly, Polestar, as a global player in this space, does provide a risk-reward profile that isn’t for everybody. That said, this is also a company on track to meet its global delivery targets of 50,000 units in 2022. As far as premium competition goes, many point to Polestar as the company with the potential to chip away at Tesla’s impressive lead in the sector.

I’m particularly impressed by the company’s Polestar 3 electric SUV, which is set to be produced in the United States. While more investment is needed in the near term, this is a compelling bet in this high-growth space over the long term.

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.