Most electric-vehicle stocks are growth names. As a result, it’s hardly surprising that almost all EV stocks to buy tumbled sharply during the 2022 bear market. All of which hit growth stocks especially hard. However, with EVs’ market share continuing to surge, there are many EV stocks to buy with high growth potential. In fact, given their combination of high growth potential and sharp pullbacks, there are many well-positioned EV stocks to buy at this point.

Importantly, there are many EV names other than the companies that actually manufacture the vehicles. For example, the makers of EV chargers and the chips utilized by the vehicles can be viewed as part of the space. And these companies often face much less competition and have higher potential profit margins than the EV makers themselves. Partly for those reasons, three of the seven EV stocks to buy that I recommend in this column do not manufacture automobiles.

EV Stocks to Buy: Xpeng (XPEV)

On the surface, Xpeng’s (NYSE:XPEV) first-quarter results look dismal. Revenue tumbled 46% year-over-year and it lost 37 cents per share. Below the surface, there was a great deal to like about its report. For example, the automaker noted that its orders had risen sequentially for four straight months. It also stated that orders for upper-tier versions of its new P7i “sports sedan” had exceeded its expectations.

Also importantly, the P7i, which the automaker is due to start delivering in large numbers next month, will include its highly advanced XGNP navigation system. As I’ve pointed out in past articles, XGNP is so advanced that it is being tested on public roads as an autonomous-driving system. And 240 kilometers can be added to the EV’s range in just ten minutes of charging. The upcoming EV has generally received very strong reviews. Finally, Xpeng is poised to benefit from the likely extension of a sales tax exemption on Chinese EVs. The exemption was due to expire at the end of this year.

EV Stocks to Buy: Proterra (PTRA)

Proterra (NASDAQ:PTRA) specializes in manufacturing electric buses and batteries for large EVs used by other companies. Last quarter, Proterra’s top line soared 36% year-over-year to $79.5 million. Its gross loss sank 68% year over year to $6.6 million. Moreover, the combined power of the batteries delivered by the company jumped 18% year-over-year. Also, one of the bus makers that uses its batteries announced a record order. Additionally, Proterra announced that it expects its batteries to qualify for a production credit under the anti-climate change law passed last year.

Additionally, the revenue of its bus unit jumped 27% year over year to nearly $45 million. As I pointed out in a previous column, the company is well-positioned to benefit from increased adoption of EVs by companies that want to please “green” consumers and comply with government regulations, while its trailing price-sales ratio is a tiny 0.8.

EV Stocks to Buy: Rivian (RIVN)

In the wake of Rivian’s (NASDAQ:RIVN) first-quarter results, multiple Wall Street analysts have been rather bullish on RIVN stock. For example, Bank of America wrote that Rivian “is one of the most viable among the start-up EV automakers and also a relative competitive threat to incumbent” automakers. The bank also called Rivian’s EVs “interesting / attractive.” Bank of America has a $40 price target and a “buy” rating on the shares.

Also noteworthy is that, unlike multiple, other EV start-ups, Rivian maintained its 2023 production guidance last month, while the EV maker expects to produce a rather impressive total of 50,000 EVs this year. Finally, Rivian stated last month that it could announce new partners in the future. Such news could cause RIVN stock to surge when it’s disclosed.

Li Auto (LI)

Another China-based automaker, Li (NASDAQ:LI) , continues to post impressive delivery totals and growth. Last month, its deliveries soared 146% year-over-year and 10% versus the previous month to 28,277 EVs. The automaker is seeking to generate an impressive gross sales total of 100 billion yuan, or $14 billion, this year. According to Investor’s Business Daily, Li is “already profitable” and is “poised to report “booming earnings in 2023 and 2024.” Indeed, in the first quarter, the automaker reported earnings per share of 20 cents.

Calling Li one of the “top China stocks to buy and watch,” IBD gives LI stock a Composite Rating of 98 out of 99. Like Xpeng, Liis is poised to benefit from the likely extension of a sales tax exemption on Chinese EVs. The exemption was due to expire at the end of this year.

ChargePoint (CHPT)

As I noted in a previous column, ChargePoint (NYSE:CHPT) reported impressive first-quarter results as its top line soared 59% versus the same period a year earlier to $130 million. Moreover, CHPT “intends to cut its EBITDA loss, excluding certain items, by ‘approximately two-thirds by the fourth quarter of [its current fiscal year]…compared to the first quarter.’”

Also noteworthy is that CHPT, which sells and services EV chargers, remains well-positioned to benefit from the Bipartisan Infrastructure Law’s $5 billion of subsidies for EV chargers. Although the payment of the subsidies have reportedly been delayed until next year, CHPT stock should start climbing in anticipation of them by the end of 2023.

In a note to investors on June 2, JPMorgan wrote that CHPT’s top line came in ahead of the bank’s outlook due to “strength in its fleet and European segments offsetting slightly weaker commercial and residential demand,” The Fly reported. JPMorgan thinks that the company is due to start generating positive free cash flow by the end of next year, and it reiterated an “overweight” rating on the name.

BYD (BYDDF)

On June 5, Investor’s Business Daily identified BYD (OTC:BYDDF) as one of its “top 5 China stocks to buy and watch.” What’s more, the publication stated that the shares had “moved back above [a] buy point,” and it reported that the shares have an impressive Relative Strength score of 83 out of 99.

BYD sells more EVs in China than any other company, including Tesla (NASDAQ:TSLA), and it is the largest China-based automaker overall. Also noteworthy is that, if its long-range pulg-in hybrid vehickes are classified as EVs, it sells more EVs than any other automaker in the world. BYD also makes EV batteries and is well-positioned to benefit from strong demand for its batteries as EV sales boom globally. In March, The Wall Street Journal reported that BYD was looking to greatly expand its output of EVs for businesses, giving the automaker yet another, large growth engine.

Allegro Microsystems (ALGM)

On May 12, Investor’s Business Daily called Allegro Microsystems (NASDAQ:ALGM) one of “the 5 best EV stocks to buy and watch now.” Noting that ALGM “makes magnetic sensing and power management chips,” IBD reported that, in 2022, 69% of its sales were generated from “the automotive market.” Moreover, the chip maker is a prime beneficiary of the EV revolution as the company says that its revenue per vehicle for EVs is almost double the amount that it receives for each gasoline-powered automobile.

As a result, it’s not surprising that, in the company’s last reported quarter, its revenue jumped 34% year-over-year, while its earnings per share, excluding certain items, climbed over 75% YOY to 37 cents. Moreover, its sales for the full year jumped 27% to a record $974 million. Given the company’s tremendous growth and strong, positive catalysts, its forward price-earnings ratio of 24 times is quite attractive.

As of the date of publication, Larry Ramer owned shares of RIVN and XPEV. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.