Growth and tech stocks have taken a massive hit this year due to a range of macro factors. Soaring inflation has led to hawkish monetary policy from the Federal Reserve. This hasn’t helped supply chains, which remain bottlenecked around the world. For electric vehicle (EV) stocks, this has been a perfect recipe for lower valuations, at least in the near term.

Many premium EV makers are also suffering from shifting consumer preferences. Many consumers may be looking to delay an EV purchase due to a higher-than-expected price tag. Accordingly, while there does appear to be great opportunity around EV stocks right now, being selective is going to be more important than ever.

Broadly, the ongoing climate crisis is shifting how governments and countries are thinking about this sector. In Germany, targets have been put in place aimed at putting approximately 15 million electric vehicles on their streets by the end of 2030. Additionally, California and Canada plan to make 100% of new car sales zero emission by 2035. These are ambitious goals, to be sure.

In order to achieve these goals, these nations need electric vehicles that their citizens and businesses can purchase. These three companies are among the leading high-growth EV makers I think could gobble up global market share over time.

XPeng (XPEV)

Let’s start our list of EV stocks to buy with Chinese electric vehicle maker XPeng (NYSE:XPEV). This company designs, manufactures and delivers smart electric cars mainly in the Chinese market. Other revenue segments aside from EV production include maintenance, vehicle leasing, supercharging and auto finance services.

Notably, XPeng has seen robust growth in deliveries of late. Its October delivery numbers showed the company delivered 5,101 EVs, including 709 G3i smart compact SUVs, 1,665 P5 smart family sedans and 2,104 P7 smart sports sedans. This translated into year-over-year growth of 56%, a very impressive number relative to its peers.

He Xiaopeng, XPeng Inc.’s CEO and Chairman, also said in a statement that the company’s transportation and logistics are all set to increase production at the beginning of November.

Moreover, this Chinese EV giant has passed the autonomous driving test for launching robotaxi services. It plans on launching this service next year in Guangzhou and, within the next two years, expand it to other major cities.

Polestar Automotive (PSNY)

A Swedish manufacturer of premium electric vehicles, Polestar Automotive (NASDAQ:PSNY) is a very compelling option in the world of EV stocks. Some of this has to do with the company’s impressive backers, which include Geely (OTCMKTS: GELYF) and Volvo (OTCMKTS:VLVLY).

However, one of the key reasons I like this stock right now is the fact that Polestar just declared its first gross profit after turning public.

Compared to the same quarter last year, its sales were up by 105%, amounting to $4 million gross profit. Moreover, driven by rising sales in Q4 2022, Polestar estimates to generate $2.4 billion from the sale of its vehicles. This company is also set to release the Polestar 4 SUV, the Polestar 5 grand touring sedan and the Polestar 6 roadster in the years to come.

Furthermore, thanks to the financial support from its major shareholders (Geely and Volvo), the Swedish EV maker has $1.6 billion in capital to support its operations in 2023. Volvo Cars provided $800 million of this amount in the form of an 18-month term loan that also has an equity conversion option.

Thomas Ingenlath, the CEO of Polestar, welcomes this funding, as it will help the EV maker stay focused on its business while the capital market suffers from volatility and unpredictability.

Volvo (VLVLY)

Another Sweden-based EV maker, Volvo is one of the most popular companies globally in the world of electric vehicles. Interestingly, this company’s focus on the EV sector isn’t limited to passenger vehicles. The company also produces and distributes buses, trucks and construction equipment.

This is a segment I think is worth looking at. The company’s production in these niche areas of the market is picking up. As of early October, Volvo announced the supply of 20 heavy-duty, fully electric trucks to Amazon in Germany. These trucks have the expected capacity to drive for one million kilometers in a year, and have the potential to curtail Germany’s domestic transport emissions — 36% of which are caused by heavy goods and commercial vehicles.

Volvo has also increased its production of electric trucks for regional and inter-city use, setting an important milestone for decarbonization. Moreover, this global EV manufacturer says that approximately 50% of its new truck sales will be fuel-cell electric or battery-operated by 2030.

Volvo also plans to make battery modules at its Belgium plant in 2025. As per company sources, this will help Volvo develop a future value chain for its battery systems. Thus, I think this is one of the top EV stocks to consider in terms of growth upside moving forward.

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.