EV stocks have hit a rough patch in the last few quarters. The fundamental reasons include supply-chain issues, inflation and global macro-economic uncertainty. While near-term growth has been impacted, the long-term outlook for the electric vehicle industry remains bright.

Just to put things into perspective, the electric vehicle market size is expected to touch $1.3 trillion by 2028. Through this period, the industry is expected to grow at a CAGR of 24.3%.

Even beyond this period, EV sales are likely to remain robust. The Biden administration is targeting 50% EV sales by 2030 among new vehicle sales. Given this growth outlook, it makes sense to consider exposure to EV stocks at a time when valuations look attractive.

My primary focus is on pure-play electric vehicle companies in the U.S. and China. However, I have also discussed two stocks from the EV charging and solid-state battery segment. I believe that these EV stocks are worth holding for the next five-years for multi-fold returns.

Tesla

Over the years, Tesla (NASDAQ:TSLA) has been an innovator and market leader in the electric vehicle segment. Even with intensified competition, I expect Tesla to maintain a leadership position. Near-term headwinds present a good opportunity to accumulate TSLA stock.

Even with supply-chain concerns, Tesla produced 258,000 vehicles in Q2 2022. Once production accelerates in the Europe Gigafactory, there is further scope for growth. Tesla might be targeting 10 to 12 new Gigafactories by 2030. The best part of growth is still due for the company.

I also like the fact that Tesla has been generating robust cash flows. For the first half of 2022, the company reported operating cash flow of $6.3 billion. Expansion in the coming years is likely to be funded through internal cash flows.

Besides new Gigafactories boosting production growth, Tesla also has an attractive line-up of new vehicles. This includes the Cybertruck and Roadster. With these factors in consideration, TSLA stock remains an attractive long-term investment.

Rivian Automotive

After a big plunge from all-time highs of $180, Rivian Automotive (NASDAQ:RIVN) stock seems to be in a recovery mode. In the last six months, the stock has trended higher by 8%. With positive business developments, current levels are attractive for long-term exposure.

Recently, Rivian announced a strategic partnership with Mercedes-Benz AG (OTCMKTS:MBGAF). The partnership will be setting up a factory in Europe for large electric van production. It’s worth noting that Rivian already has a planned capacity of 600,000 vehicles between its Normal and Georgia plants.

Rivian has reported pre-orders for 98,000 R1 as of Q2 2022. Additionally, the company has a backlog of 100,000 electric delivery vans from Amazon (NASDAQ:AMZN). These orders provide revenue visibility, which is likely to swell further.

From a financial perspective, Rivian reported cash and equivalents of $15 billion as of Q2 2022. While cash burn is likely to sustain, the company seems fully financed for the next 12-18 months.

Lucid Group

Lucid (NASDAQ:LCID) stock has also disappointed investors with a correction of almost 60% year to date. With the company failing to deliver on the guidance, LCID stock has been punished.

However, supply-chain issues have been a key reason for lower-than-expected growth. Once this headwind wanes, Lucid is positioned to create value.

It’s worth noting that Lucid recently filed to sell up to $8.0 billion of securities. However, there was no big sell-off on this potential dilution news. It’s an indicator of the point that the stock has bottomed out.

In terms of positives, the company already has 37,000 reservations for Lucid Air. This represents a potential revenue backlog of $3.5 billion. Last month, the company also introduced Lucid Air Sapphire. The company claims that the luxury super-sports car will be the world’s most powerful sedan.

In terms of global expansion, Lucid has already opened its first studio in Germany. Additionally, the construction of the Saudi Arabia plant has commenced. Over the next few years, Lucid is positioned to deliver strong growth through new models and global expansion.

XPeng

Among Chinese EV stocks, XPeng (NYSE:XPEV) looks attractively valued and positioned to create long-term value. XPEV stock has corrected by 57% in the last 12 months. However, with few catalysts on the horizon, it seems that the stock is poised for a reversal.

It’s worth noting that XPeng has continued to report robust vehicle deliveries. For the first eight months of 2022, deliveries growth was 96% on a year-on-year basis. I expect healthy growth to sustain.

One reason for this view is the launch of new models on a sustained basis. In the near term, the commencement of deliveries of G9 in Q4 2022 is a stock upside catalyst.

Even for 2023, the company has two new models in the pipeline. This is likely to ensure robust growth in 2023 and in 2024. With visibility for strong deliveries growth, XPeng is also positioned for margin expansion in the next few years.

XPeng is also well positioned from a financial perspective. As of Q2 2022, the company reported cash and equivalents of $6.2 billion.

Li Auto

Another Chinese electric vehicle stock that’s worth holding for the long-term is Li Auto (NASDAQ:LI).

The company launched Li ONE in November 2019 and deliveries growth has sustained with this model. Further, Li Auto has also been reporting positive operating and free cash flows.

Li announced recently that the company has commenced deliveries of its SUV, Li L9. The second model is likely to help in accelerating deliveries growth through 2023. It’s worth noting that with aggressive retail expansion, Li Auto already has 265 retail stores in 118 cities.

Li reported free cash flow of $67.4 million in Q2 2022. This already implies an annualized FCF potential of $270 million. With the launch of the new model, FCF is likely to swell. This is important as Li Auto can fund expansion in the coming years with internal funds. Additionally, the company has a robust cash buffer of $8.0 billion.

Similar to other Chinese electric vehicle companies, international expansion is likely for Li Auto. This will provide another growth catalyst in the next few years.

Blink Charging

An integral part of the electric vehicle industry is the charging infrastructure. Blink Charging (NASDAQ:BLNK) is among the top stocks to consider in the EV charging segment.

The stock seems to have bottomed out and has been sideways in the last six months. With robust growth, a break-out on the upside seems impending.

For Q2 2022, Blink reported 164% revenue growth on a year-on-year basis to $11.5%. With a strong presence in North America and expansion in Europe, I expect the growth trajectory to sustain.

As services revenue increases, it’s likely that its EBITDA margin will expand. The company reported $85.1 million in cash and equivalents as of Q2 2022. Equity dilution seems likely considering the company’s aggressive growth strategy. Blink has been expanding in Europe through acquisitions. However, any dilution factor is likely to be offset by robust top-line growth.

Overall, BLNK stock looks attractive after an extended period of price and time correction. The best part of growth is still due for the company and the stock is a likely value creator.

Solid Power

Among innovators in the electric vehicle battery segment, I am bullish on Solid Power (NASDAQ:SLDP). The company is in the development stage for solid-state batteries. While SLDP stock has trended lower in the last 12 months, I believe that a reversal is around the corner.

One reason to be bullish on Solid Power is strong financial backing from Ford (NYSE:F) and BMW (OTCMKTS:BMWYY). With the company still in the product development stage, there are unlikely to be any financial constraints.

Another reason to be bullish on Solid Power is the fact that the company is already initiating pilot production of batteries. The initial production will be delivered to BMW and Ford for qualification testing.

Positive results on this front can send the stock surging in 2023. I would therefore include the stock among EV stocks to buy for 2023 and also for the next few years.

On the date of publication, Faisal Humayun did not hold (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.