The climate and energy provisions within the budget recently passed by Congress have the electric vehicle (EV) sector buzzing. Clearly, some EV makers will gain from the legislation and some will lose, so investors must have their due diligence in place when investing in EV stocks.

The two obvious goals of the bill are to make EVs more affordable and limit EV makers’ purchases of supplies from Chinese companies. Auto-industry experts are concerned that the proposed $7,500 tax credits for EV buyers come with a tad too many requirements.

Nevertheless, there are some clear winners from the package. Firstly, EV producers focusing on trucks and heavy-duty vehicles will benefit immensely. Moreover, EV infrastructure providers based in the U.S. will also benefit from the incentives to buy supplies from domestic companies.

Additionally, some auto experts believe that the new incentives could spur a rapid transition to EVs by the commercial sector. Having said that, let’s look at some EV stocks that could potentially be boosted by the legislation.

Fisker (FSR)

U.S.-based Fisker (NASDAQ:FSR) is a start-up EV maker that is currently in the pre-production phase. With over 50,000 reservations for its flagship Ocean model and close to $1 billion of funding, Fisker is one of the most promising firms in the space. It has an asset-light business model and is using partnerships to grow quickly.

The company will soon start producing its first model, the Ocean SUV. Fisker expects to significantly ramp up its production from 50,000 EVs in 2023 to 150,000 EVs in 2024.

Its direct-to-consumer distribution strategy should help it limit its costs and speed up its production. Furthermore, Fisker believes that consumers who pre-ordered its EVs can qualify for the expiring $7,500 tax credit  by converting their reservations into binding sales contracts.

Given these points, FSR remains one of the more fascinating bets in the EV space, and it is definitely worth considering.

ChargePoint (CHPT)

ChargePoint (NYSE:CHPT)  is the leading operator of  EV chargers, with 188,000 activated ports and another 320,000 that are accessible via roaming. Its penetration in the U.S. and Europe is second to none. Apart from its hardware business, it generates a ton of revenue through its software products, which provide several benefits for its fleet customers and its commercial clients.

CHPT has established itself as a top player in its niche, and its sales soared 65% in 2021 to $242 million.

For the company, it’s all about growing sufficiently to become profitable. The proliferation of EVs will help CHPT break even in the next few years, and recent developments, including the Inflation Reduction Act, will help speed up the process significantly.

According to Precedence Research, the worldwide EV charging market could grow at an incredible compound average annual growth rate of 28% between 2022 and 2030.

Blink Charging (BLNK)

Blink Charging (NASDAQ:BLNK) operates the second-highest number of EV chargers after CHPT. Like its peers, it remains in hyper-growth mode, and the support that it will obtain from the U.S. government will prove to be a major, positive catalyst for CHPT stock.

In  recent quarters, the company’s sales have been increasing by triple-digit-percentage levels year-over-year, comfortably outpacing the growth of its peers. Moreover, with an average 34% gross profit margin over a five-year period, BLNK has done much better than its peers when it comes to that metric.

Blink seems to be doing much better in terms of its fundamentals than CHPT. Its revenues have been growing significantly faster than its competitor, as Blink’s top line soared 163% YOY in Q2. Growing EV adoption will further solidify its business and enable it to achieve profitability.

Workhorse (WKHS)

Workhorse (NASDAQ:WKHS)  designs and produces last-mile delivery trucks. Moreover, it offers a cloud-based telematics monitoring system for commercial fleets

Its shares are trading more than 80% below their peak valuation and are priced more attractively than ever before. WKHS stock took a hit after it was announced that federal authorities were investigating the safety issues of its C1000 electric van. The company has complied with the government’s requests  and is looking to ramp up the production of the van.

Workhorse has an extensive strategic roadmap: It will be looking to sell 250 vehicles this year and generate revenue of  $25 million. Additionally, it boasts a cash balance of $167 million with a debt-free balance sheet.

Rivian (RIVN)

Rivian (NASDAQ:RIVN) was one of the hottest EV stocks whose shares started trading last year. The EV pickup truck maker attracted attention from companies such as Amazon  (NASDAQ:AMZN), which ordered 100,00 delivery EVs from Rivian.

The EV maker produces three main vehicles: Its delivery van (EDV), the R1T pickup truck, and the R1S SUV. In contrast to most of its peers, it is looking to vertically integrate key aspects of the business, including its software stack, to save money over the long-term.

Rivian wrapped up a solid second quarter, as its EV deliveries jumped 264% versus Q1 to 4,467 vehicles, versus analysts’ average estimate of about 1,500. Additionally, Rivian reiterated its intention  to produce 25,000 cars by the end of this year.

Moreover, although Rivian is still burning truckloads of cash, it had approximately $15.5 billion of cash and cash equivalents as of the end of last quarter. As a result, it remains in an excellent position to turn on the afterburners and ramp up its production.

Daimler Truck Holding (DTRUY)

Daimler Truck Holding (OTCMKTS:DTRUY) is a German company which produces electric trucks and electric buses. The firm was spun off by Daimler AG, the company behind the Mercedes Benz brand. The company wants Daimler Truck to focus on zero-emissions technology and software businesses.

The truck and bus manufacturer’s sales climbed 18% YOY to €12.1 billion in Q2, exceeding analysts’ average estimate of 11.8 billion euros. Daimler Truck’s  EBIT, excluding some items, climbed 15% YOY to 1.01 billion euros.

Sales of electric trucks continue to rise at an extraordinary pace. Moreover, Daimler Truck stands to benefit immensely from the proposed government incentives for the manufacturers of electric trucks for companies

Ford (F)

Automotive giant Ford (NYSE:F) had an amazing second quarter, marked by a 57% YOY increase in its revenues and a 50% bump in its dividend which lifted its payout to pre-pandemic levels. Ford now offers a significant dividend yield of  2.45%. Moreover, it reiterated its full-year 2022 guidance, which includes a 15%-25% YOY increase in its EBITDA, excluding certain items.

Furthermore, Ford’s investments in the EV space are paying off, and its supply chains are in remarkably good shape and well-positioned to support its ambitious growth objectives.

Additionally, it predicts that, by the end of 2023, it will be producing EVs at an annualized rate of 600,000 level, and it estimates that its EV production could reach 2 million by the end of 2026.

On the date of publication, Muslim Farooque 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.