EV stocks are an attractive investment opportunity in today’s market as the world moves toward a greener future.

Investors have an opportunity to profit from investing in EV stocks. They offer good returns and provide investors with the chance to invest in a socially responsible industry that is helping to reduce emissions and create a cleaner environment.

EV stocks are especially attractive right now as the market turns bullish. Certain EV stocks are currently trading at discounted prices compared to their earlier highs, opening a great opportunity to make some money. Now is an ideal time to take advantage of this.

Tesla (TSLA)

Tesla (NASDAQ:TSLA) is way ahead of its competition in the electric vehicle industry and is coming off an exceptional year with more deliveries than ever and increased production capacity.

Despite this, Tesla stock is down more than 90% as a result of the tech sector crash. Rising competition in the EV industry and a consumer spending slowdown also are factors.

Despite the dip, Tesla is still focused on its long-term plans and growth. The latest reports suggest that the car manufacturer is set to manufacture one million cars annually in Indonesia. This would be a major step towards achieving its ambitious goal of producing 20 million electric vehicles annually by 2030.

In 2022, Tesla made some huge strides in maximizing its production performance. It opened two brand-new gigafactories last year, one in Austin and the other in Berlin, making it possible for them to hit two million vehicles this year.

Li Auto (LI)

Li Auto (NASDAQ:LI) has been an exceptional performer despite market worries.

Li Auto produced 21,233 vehicles in December and a 50.7% year-on-year growth.

By the end of 2022, Li Auto delivered 47% more vehicles than the previous year. The Li L9 and Li L8 SUVs were top performers and sold over 10,000 units each in December alone.

While the company still faces losses on its bottom line, this is not uncommon for a nascent EV manufacturer.

Li Auto is also revolutionizing the electric-vehicle market in China with its range-extended vehicles.

Li Auto is investing heavily in technology to make its SUVs highly attractive for the premium sector. Its goal is to differentiate itself from competitors with its offerings. Furthermore, it plans on introducing a full battery-electric model by 2023.

Rivian (RIVN)

Since Rivian (NASDAQ:RIVN) went public in 2021, the company has seen a rise in revenue but still faces profitability challenges. The main one is its increased focus on partnership activities over organic growth.

One of the company’s biggest backers is Amazon, which acquired around 18% of the stock in 2019 as part of a partnership deal.

In September, Rivian took the partnership even further. It will work with Amazon to replace gasoline-powered delivery vehicles with electric vehicles.

Unfortunately, Rivian fell short of its target of 25,000 electric vehicles in 2022. Initially, this goal was set at 50,000, so even achieving the lowered projection can’t be viewed as a major success.

On the bright side, production rapidly increased in Q4, reaching more than 10,000 units. Investors of Rivian in 2023 will be looking forward to seeing further growth, as this is a key factor for them.

Another area of concern is cash burn. Rivian is going through its cash reserves rapidly, and it will need to become profitable soon or risk running out of money.

Over the past year, the company’s cash balance and equivalents have decreased by nearly $5 billion.

Rivian has the potential to be a great EV stock if it can address the challenges it is facing. If it successfully does so, then Rivian looks like a solid investment.

On the publication date, Faizan Farooque did not hold (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. However, there are two areas management needs to keep an eye on.