Electric vehicles (EVs) will soon take over the world as the leading transportation technology. With counties announcing investments and subsidies to promote EVs, there is much interest in the new technology to transition to a greener environment. President Biden has ambitious goals to handle the climate crisis, and The Bipartisan Infrastructure Law has invested $7.5 billion in EV charging, $7 billion in EV components, and $10 billion in clean transportation. These are in addition to the dozens of federal initiatives promoting EV purchase and installing charging stations that directly benefit EV stocks. 

For many years, China was a leader in the EV industry, but following the passage of the Infrastructure Investment and Jobs Act, the United States has made the right moves to supercharge the EV push. For many investors, an EV is synonymous with Tesla (NASDAQ:TSLA), but it is no longer the sole player in the industry. It might be a leader today, but several competitors are ready to challenge its position in the market.

TSLA stock is gaining traction after a disastrous 2022, but there are other EV stocks with strong growth potential, and you could benefit from the early mover advantage. Now is a good time to consider the stocks that show long-term growth potential and generate solid returns as the EV space heats up. Here are the 3 EV stocks to buy this month.

Ford (F)

At the top of my list is the legacy automaker Ford (NYSE:F). The company did not have a great 2022 as the shares hit the brakes, and F stock went from a high of $25 to $11 in no time. However, I believe that a rebound is close, and F stock may pick pace sooner than anticipated looking at the current state of the market. It is a highly undervalued stock trading at a discount of $12 today.

Ford is slowly increasing its hold on the EV market and has committed $50 billion to roll out EVs. It has ambitious goals of having 50% of the four million vehicles produced yearly be fully electric by the end of 2030. The company is already looking to partner with an electric vehicle plant in Turkey to achieve its goals. It aims to create one of Europe’s most extensive commercial electric vehicle battery cell facilities. The production could begin in 2025 with an annual capacity of at least 25 GWh.

It has already launched electric versions of the famous Mustang and renowned F-150, which has set high standards in the automotive sector. Ford is working on a dedicated campus for EV production in Tennessee and two more battery plants in Kentucky. This EV stock looks ready for a rebound and is highly promising. Lastly, it has a dividend yield of 5%, which is a cherry on top.

Chargepoint (CHPT)

ChargePoint (NYSE:CHPT) has the largest network of EV charging stations across the world, and with a boost in EV production and sales, there will be a rise in the demand for charging stations.

Recently, President Joe Biden announced that the U.S. would double down on EV charging infrastructure to create a reliable and convenient charging network for drivers. What stood out in this announcement was “Made-in-America,” and this is something that will give a boost to ChargePoint. Tesla has already confirmed its cooperation with this decision. With ChargePoint offering reliable charging solutions, it could benefit from this announcement.

CHPT stock is trading at $11 today, down 20% over the past six months. Its 52-week high is $20, meaning this is a good time to make the most of the dip in the stock. The company is already making solid moves in the industry, and its financials speak for themselves. In the recent quarter, it reported a revenue increase of 93%, and it is already taking steps to capitalize on EV penetration and growth with agreements with MNB Energy and Mercedes-Benz (OTCMKTS:DMLRY).

That said, EV maker Fisker (NYSE:FSR) has already announced ChargePoint as its North American partner for public charging stations. This will provide Fisker owners access to more than 210,000 active charging ports. While the government puts measures to ride the EV wave, ChargePoint is set to benefit, and it could play a significant role in accelerating EV adoption while expanding its charging networks.

Nio (NIO)

Nio (NYSE:NIO) is the third EV stock to keep on your radar this month, as it is one stock that lost the maximum value in 2022 and has survived through it all. Despite losing almost 50% of its value over the year, the automaker continues to deliver. NIO stock is currently trading at $10, much lower than its all-time high of $60, which makes it a solid opportunity to buy and hold. The stock was under a lot of pressure due to fears of getting delisted from the U.S. stock exchange, but there has been a breakthrough, and the company has managed to avoid the risk of delisting.

Nio consistently reported substantial delivery numbers until 2021, but the supply chain issues and Covid lockdowns led to a significant fluctuation in deliveries in 2022, affecting the stock price. However, the worst is over for the company, and it has a revised market outlook with five new model launches scheduled in the year ahead. That said, the company is not only focused on the Chinese market but is expanding aggressively across Europe, where it is also offering the Battery-as-a-Service program. It has already planned a new factory for European EV exports.

Let’s not forget the mass market model the company is already working on, which could be launched next year. With several catalysts working for Nio, this could be a busy year for the EV maker. Considering the opportunities that lie ahead, NIO stock looks like a solid buy, and this looks like a good entry point if you believe in the future of EVs.

On the date of publication, Vandita Jadeja 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.