Even with a bright outlook for the long-term, electric vehicle stocks have struggled in the last few quarters. The Vanguard Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) has declined by 23% in the last 12-months. A large part of the correction has come in the last two quarters. However, considering the positive industry tailwinds, there are attractive electric vehicle stocks to buy on the dip.

Talking about the reasons for the correction, chip-shortage and broad supply-chain issues have impacted growth. Further, with inflation, margin is likely to come under pressure. At the same time, global economic uncertainties are high and consumer sentiment is not very optimistic.

Beyond these near to medium-term headwinds, the electric vehicle industry is positioned for sustained growth. The Biden administration has an ambitious target of 50% of new vehicles sold to be electric by 2030.

To reduce energy dependence on Russia, Europe is also focused on accelerating EV adoption. China has already been a leader in the electric vehicle market.

Given this long-term outlook, the correction in electric vehicle stocks is a good accumulation opportunity. Let’s talk about five attractive electric vehicle stocks to buy on the dip.

Li Auto (LI)

Li Auto (NASDAQ:LI) stock has been an out-performer among electric vehicle stocks. In the last six-months, the stock has surged by 41%. I believe that LI stock is worth accumulating on dips multibagger long-term returns.

For Q2 2022, Li reported delivery of 28,687 vehicles. On a year-on-year basis, deliveries increased by 63.2%. Considering economic headwinds, deliveries growth has been robust. I further believe that growth is likely to accelerate in 2023.

A key reason is that the company unveiled its second model, Li L9 in June 2022. The new model will boost deliveries growth in Q4 2022 and through 2023. The electric vehicle maker already has 30,000 pre-bookings for Li L9.

It’s also worth noting that Li reported cash and equivalents of $8 billion as of Q1 2022. Recently, the company announced an at-the-market offering for $2 billion. Therefore, there is ample financial flexibility to pursue aggressive growth.

Rivian Automotive (RIVN)

Without doubt, Rivian (NASDAQ:RIVN) was oversold when the stock touched $19.3 levels. RIVN stock is already higher by 66% from those lows. I believe that current levels are still attractive for accumulation.

One reason for the recent rally was the company’s strong Q2 2022 numbers. During the quarter, Rivian produced and sold 4,401 and 4,467 vehicles respectively. Further, the company has reaffirmed the guidance for 25,000 vehicles production for 2022.

Over the next few years, Rivian is likely to witness strong growth in deliveries. The company has already planned manufacturing ramp-up to 600,000 vehicles between its Normal and Georgia plants.

In terms of demand, Rivian reported more than 90,000 pre-orders for R1 as of May 2022. The company has an order for 100,000 electric delivery vans from Amazon (NASDAQ:AMZN). With potential inroads into big markets like Europe and China, Rivian has ample headroom for growth.

The company also reported $17 billion in cash and equivalents as of Q1 2022. Rivian therefore has strong financial flexibility for some big planned investments.

Nio (NIO)

Nio (NYSE:NIO) is another quality name among electric vehicle stocks to buy on the dip. Over a 12-month period, the stock has corrected by 50%. With a pipeline of new models coupled with international expansion plans, Nio stock looks attractive.

For Q2 2022, Nio reported 14.4% growth in vehicle deliveries to 25,059. Deliveries growth was impacted due to the surge in covid cases coupled with macro-economic headwinds.

However, it’s very likely that deliveries growth will accelerate in the coming quarters. A key reason is commencement of delivery of new models in 2022. This includes ES7 and ET5.

Nio also plans to aggressively expand in Europe. By 2025 the company aims to have presence in 25 countries globally. International expansion is another factor that’s likely to boost deliveries growth.

The company is also well placed from a financial perspective. As of Q1 2022, Nio reported cash and equivalents of $8.4 billion. This will help in boosting investments in manufacturing ramp-up and product development.

With focus on research and development and with ambitious international expansion, Nio stock is positioned to create value.

Tesla (TSLA)

Tesla (NASDAQ:TSLA) might have lost market share to competitors. However, the stock remains among the top electric vehicle stocks to buy on the dip. In the last six-months, Tesla stock has declined by almost 30%. This seems like a good accumulation opportunity.

There might still be concerns about the company’s valuation, but I like Tesla for the following reasons.

First, the company reported operating cash flow of $4 billion for Q1 2022. With operating leverage, Tesla is positioned to sustain robust cash flows.

Further, Tesla has a Gigafactory in all key electric vehicle markets. Additional factories are likely in Southeast Asia and India. In the medium-term, there is ample headroom for deliveries growth from the European Gigafactory.

It’s also worth noting that Tesla has a strong line-up of new models. This includes the Cybertruck, Roadster and Tesla Semi. New models will help in accelerating deliveries growth.

Overall, TSLA stock is worth holding for the long-term portfolio. With an innovation edge, the company will continue to create value.

Lucid Group (LCID)

I would stay away from Lucid (NASDAQ:LCID) stock at current levels of $20. However, I believe that LCID stock is worth considering around $15 levels.

A weak production guidance for 2022 is one reason to be bearish. With the luxury model, Lucid is likely to face macro-economic headwinds in 2023. At the same time, further equity dilution is on the cards with an extended period of cash burn.

Amidst these concerns, Lucid is setting-up its first manufacturing plant outside the U.S. The company already has a long-term order for electric vehicles from the Saudi government. Project Gravity SUV production is also expected to commence in 2024.

It’s also worth noting that Lucid is already taking orders from multiple European countries for its first model. International expansion is likely to be aggressive and will help in accelerating deliveries growth.

In the next few years, Lucid is also looking to build a car for the mass markets. A potential $25,000 car can be a game-changer in terms of sales volume growth and higher market share.

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 Guideline.