The search for top EV stocks (electric vehicle stocks) to buy is on for growth investors looking forward to 2023. Indeed, this year was a miserable one for most previous high-flyers from 2021. However, as we turn the page on a new year, there’s new hope for investors excited about what could be a newfound bull market.

Macro conditions have yet to improve, with the Federal Reserve continuing to tighten monetary policy. That said, expectations are for a smaller rate hike today and during January’s meeting, followed by a steadying of interest rates sometime next year. While we may not see a rate cut for some time, there remains ample growth potential in the EV sector.

As the secular electrification trend continues to take off, growth in specific EV stocks is likely to continue for the foreseeable future. Additionally, global growth in the EV sector is expected to accelerate in specific markets (particularly China). With this in mind, here are three EV stocks worth buying right now.

BYD Company (BYDDF)

The leading Chinese electric vehicle maker, BYD Company (OTCMKTS:BYDDF), is on this list of top EV stocks to buy for a number of reasons. Perhaps the key reason many investors focus on this company is its backing from Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B), which has held onto its stake in BYD for 14 years.

Yes, Buffett has been doing some trimming of his position of late. However, it’s the Oracle of Omaha’s long-term buy and hold strategy with this company that should have investors enticed.

The Chinese EV market is the largest, and among the fastest-growing, in the world. Accordingly, given BYD’s leading position in this market, those looking to gain exposure to the Chinese EV space should consider BYDDF stock at these levels. Investors can now nab shares at a discount of more than 35% from their peak.

Nio (NIO)

Another leading China-based electric vehicle maker, Nio (NYSE:NIO) is among the pure-play EV stocks I think have the highest potential relative to the competition in this fast-growing market.

Yes, BYD has the lead in the Chinese EV market overall right now. However, this earlier-stage startup is different from BYD in its focus on solely producing EVs. Until March of this year, BYD also produced a significant number of internal combustion engine vehicles. They continue to manufacture plug-in hybrids. Thus, for investors looking for significant leverage to the growth of the Chinese EV market, Nio is often viewed as the way to play this space.

Like other China-based stocks, NIO stock has been hit very hard over the past year. Whether it’s regulatory concerns (zero-Covid has not been favorable for any China-based company), supply chain snarls or a host of other macro issues, there’s certainly reason to be wary of NIO stock right now. However, to the extent that investors believe most of these headwinds are priced in, now could be a great time to add exposure to this fast-growing company.

Lucid Group (LCID)

Last on this list of EV stocks to buy is an American EV maker that I think has significant growth potential, relative to the incumbents. Lucid Group (NASDAQ:LCID) reminds me of an early-stage Tesla (NASDAQ:TSLA) more than a decade ago. Like Tesla, Lucid has gotten its start focusing on the higher-end EV market.

Now, the higher-end market could get hit the hardest, if we are indeed headed into what could be a white-collar recession. Accordingly, this is the stock with perhaps the highest degree of risk on this list. However, like with Nio, investors need to consider at this point in time how much of this risk is already priced in. That’s still up for debate, but LCID stock does look much more attractive at these levels on a relative basis.

There’s also higher execution risk with Lucid, as this company has failed to meet its production targets in the past. However, should the company start exceeding expectations next year, and slow its cash burn rate via operating earnings, this is a company that could see a very nice rally in 2023.

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.