In this article, we will discuss: 12 Most Promising EV Battery Stocks According to Wall Street Analysts.
The term “EV battery stocks” describes businesses producing and developing electric vehicle batteries. This includes firms that provide energy storage solutions, supply battery components, and produce EV batteries.
There is a market for reasonably priced electric cars. Investors can look into the companies making EV batteries, the most crucial and expensive components for EVs, to stay ahead of that demand. The need for EV batteries will rise sharply if the manufacturing of electric vehicles rises dramatically during the next ten years.
To satisfy the need for batteries with greater capacity and cheaper costs, major manufacturers are making significant investments. New energy storage solutions being developed by battery technology start-ups, some of which are coming public through mergers with special purpose acquisition companies, have the potential to completely transform the market. EV battery stocks are a great investment option right now.
The EV battery market is booming. As per a research report, the market for electric vehicle batteries was estimated to be worth $59.06 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2032, from $67.78 billion to $111.20 billion. Asia Pacific held the largest regional share of the global EV battery market in 2023, with a valuation of $28.44 billion, and is anticipated to continue to do so for the duration of the forecast period. One of the main factors propelling the region’s market expansion is China’s soaring EV sales. As per the International Energy Agency, China accounted for the largest global sales of electric vehicles in 2023, with 8.4 million units sold.
While the EV battery market is growing, the cost of EV batteries has dropped significantly in recent years, as per S&P Global, mostly due to declining prices for essential components like nickel, cobalt, and lithium. However, over the coming years, prices are anticipated to stabilize. For instance, the price of lithium carbonate dropped from around $70,000 per metric ton to less than $15,000 in 2024, while the price of cobalt dipped from $70,000 per metric ton in 2022 to about $30,000. While the global average price is predicted to increase somewhat in the second part of the decade, S&P Global Mobility forecasts that nickel cobalt manganese (NCM811) cell prices in Europe will decline by more than 7% between 2024 and 2030. This is caused by a strained raw material supply chain and unsustainable low profit margins for certain suppliers. NCM811 cells are currently cheaper in Greater China due to increased local production, while they are more expensive in Europe.
In contrast, the average cost of lithium iron phosphate (LFP) cells in 2024 will be about $60/kWh, which is 20% less than that of NCM cells. Although LFP production is currently dominated by Greater China, Europe is growing its capacity. However, higher production costs in non-Chinese countries will probably result in a medium-term increase in LFP pricing. While NCM811 packs continue to average $103/kWh in the region, LFP packs in Greater China have achieved the goal of cost parity with internal combustion engine vehicles at $100/kWh. The cost of battery metal may increase, but economies of scale and efficiency improvements should keep costs largely constant.
Analysts anticipate lithium prices to stabilize in 2025 as mine closures and robust EV sales in China lessen the global lithium supply glut. China’s state-owned commodity data source Antaike estimates the glut will decrease by half to 80,000 tons of lithium carbonate, while Cameron Hughes of CRU Group stated that 2024 curtailments and possible additional reductions will substantially relieve the surplus. Over 5 million cars have already benefited from China’s improved EV subsidies, which have driven up demand and helped fuel a late-2024 lithium rally. A buyer of cathode materials attested that the price rise was caused by subsidies, and analysts predict that policy assistance will keep prices rising in 2025, strengthening a bullish outlook.
David Merriman, research director at metals research company Project Blue, stated:
“Any improvement in prices is likely to be felt towards the end of 2025 as inventories are used up and buyers return to the spot market.”
With that said, here are the 12 Most Promising EV Battery Stocks According to Wall Street Analysts.
A technician connecting an EV battery to the Grid Integrated Vehicle platform.
Our Methodology
For this list, we compiled an initial list of 20 EV Battery stocks. Then we selected the 12 stocks that had the highest upside potential as of April 29, 2025. We have only included stocks in our list with an upside potential of 20% or higher. The stocks are ranked in ascending order of the upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
12. NIO Inc. (NYSE:NIO)
Analysts’ Upside Potential as of April 22: 20.10%
Leading Chinese EV maker NIO Inc. (NYSE:NIO) is causing a stir in the EV market with its innovative battery technologies and distinctive energy storage techniques. The premium segment is its target market. The suggested retail pricing for its current model portfolio, which has a driving range of 465-710 km, ranges from CNY 207,000 to CNY 598,000. In 2024, it also introduced a new mass-market brand to capitalize on strong demand while maintaining the firm’s premium reputation. Its analysts’ upside potential as of April 22 is 20.10%, making it one of the Most Promising Stocks.
Vehicle deliveries increased by 45% in the fourth quarter as a result of NIO Inc. (NYSE:NIO)’s retail promotions, although vehicle prices decreased by 22%. Revenue grew by 15% annually, and the vehicle margin climbed by 117 basis points to 13.1%, which was consistent with the company’s low-teens forecast. China’s strong client demand is helping the business. The firm also posted impressive growth in the first quarter of 2025 with 42,094 vehicle deliveries, 40.1% greater than the same period in 2024, after the release of 221,970 vehicle deliveries in 2024, a 38.7% improvement over 2023. The overall revenue from vehicles increased as anticipated.
The company produced more than 25,000 power chargers and deployed 3,245 power exchange stations globally in 2024. A record 137,000 battery changes were made in a single day over the New Year’s holiday.
11. Sociedad Química y Minera de Chile S.A. (NYSE:SQM)
Analysts’ Upside Potential as of April 22: 30.84%
Sociedad Química y Minera de Chile S.A. (NYSE:SQM) is a Chilean commodity producer with major activities in lithium (mainly used in batteries for electric vehicles and energy storage systems). The company uses its caliche ore and premium salt brine reserves to extract these products. It is growing its lithium refining assets in China and working on a hard rock lithium project in Australia. It is among the Most Promising Stocks as its analysts’ upside potential as of April 22 is 30.84%.
Despite declining lithium prices during 2024, Sociedad Química y Minera de Chile S.A. (NYSE:SQM) recorded full-year revenues of about $4.5 billion with a gross profit of almost $1.3 billion. However, its net income was impacted by a one-time $1.1 billion charge related to a tax dispute over its mining operations.
The firm is a major, reasonably priced producer of lithium, iodine, and nitrates used in specialty fertilizers because of its access to excellent mineral reserves. The geologically advantageous lithium and caliche ore resources of Sociedad Química y Minera de Chile S.A. (NYSE:SQM) are its crown jewels. Its low-cost lithium deposit in the Salar de Atacama has the world’s most significant concentration of lithium and benefits from high evaporation rates in the Chilean desert. Morningstar analysts anticipate double-digit yearly growth in global lithium demand, one of the greatest growth profiles among commodities, as the use of electric vehicles rises.
10. QuantumScape Corporation (NYSE:QS)
Analysts’ Upside Potential as of April 29: 32.40%
QuantumScape Corporation (NYSE:QS) is developing next-generation solid-state lithium-metal batteries for electric vehicles, allowing them to recharge more quickly. The company’s solid-state lithium-metal battery technology has been designed to provide increased energy density, faster charging, and improved safety. Its batteries don’t contain any of the host elements found in traditional anodes. The American firm has begun to test its battery technology on a larger scale. Despite the fact that it presently generates no revenue, it intends to begin producing more than 200,000 batteries per year.
QuantumScape Corporation (NYSE:QS) achieved several important milestones in 2024, including the successful delivery of Alpha-2 samples, the acceleration of the Raptor process, the beginning of low-volume B0 manufacturing of its high-performance QSE-5 cells, and the launch of Cobra separator heat-treatment equipment. As part of a major strategic partnership with Volkswagen’s PowerCo, a 150-person joint team is industrializing the QSE-5 platform for gigawatt-hour-scale production. A shift to a more capital-light approach was reflected in the company’s better financial forecast, which projected a smaller adjusted EBITDA loss of $250-$280 million. The strong cash position of $910.8 million at year’s end allowed QuantumScape Corporation (NYSE:QS) to prolong its financial runway into the second half of 2028, making it one of the Most Promising Stocks on our list.
The company becomes a dominant rival in the bull market, growing to 1,500 GWh of capacity by 2045 and generating $13 per kWh, which leads to significant profits.
9. EnerSys (NYSE:ENS)
Analysts’ Upside Potential as of April 29: 35.59%
EnerSys (NYSE:ENS) has been expanding its line of business to meet the growing demand for energy storage products, including EV batteries. The NexSys iON battery’s launch in June 2021 marked a significant advancement. Its segments consist of Energy Systems, Motive Power, and Specialty.
The firm reported $906 million in revenue for the third quarter of fiscal 2025, which concluded on December 29, 2024, a 5% growth over the previous year. Strong adjusted earnings of $53 million were generated by its Motive Power segment, which generated $359 million. Furthermore, the premium maintenance-free batteries experienced a remarkable 17% surge in sales, accounting for 27% of all motive power sales presently, up from 23% a year before.
EnerSys (NYSE:ENS), a leader in battery technology riding the electrification wave, has raised its fiscal 2025 projection. With anticipated sales of between $960 million and $1 billion, the company forecasts that Q4 2025 will be one of its most successful quarters. The firm is therefore well-positioned for future success in the energy storage industry due to its focus on high-end battery technology and operational improvements, which also places it on the list of the Best Promising Stocks with an average upside potential of 35.29.
8. Microvast Holdings, Inc. (NASDAQ:MVST)
Analysts’ Upside Potential as of April 29: 48.15%
Microvast Holdings, Inc. (NASDAQ:MVST) is a technological innovator that creates, develops, and manufactures lithium-ion battery solutions. The firm is well-known for its modern cell technology and vertical integration capabilities, which range from core battery chemistry to battery packs.
Microvast Holdings, Inc. (NASDAQ:MVST) announced record revenue of $380 million in 2023, up 24% from the previous year. Revenue for the fourth quarter also hit a record of $113.4 million. The business attained a fourth-quarter gross margin of 36.6% and significantly raised its overall gross margin to 31.5% from 18.7% the year before. Great demand in Italy, Germany, and other Western European countries drove a 123% spike in revenue in the EMEA area. Furthermore, the firm showed successful strategy execution in Q4 with a positive adjusted EBITDA of $8.6 million. The business also made strides in the development of silicon-based cell technology and all-solid-state battery technology.
The company anticipates 18% to 25% sales growth in 2025, with a target range of $450 million to $475 million and a maintained gross margin goal of 30%. According to Wall Street analysts, it is one of the Most Promising Stocks with an average upside potential of 48.15%.
7. Piedmont Lithium Inc. (NASDAQ:PLL)
Analysts’ Upside Potential as of April 29: 49.00%
Renowned in the lithium industry, Piedmont Lithium Inc. (NASDAQ:PLL) focuses on the expanding EV battery market. About 3,706 acres make up the company’s Carolina Lithium Project, which is located in the Carolina Tin-Spodumene Belt of North Carolina. The region, located northwest of Charlotte, is important for its spodumene ore, which is a major supplier of lithium. Its development objectives are furthered by its ownership of assets in Bessemer City and Kings Mountain, North Carolina, in addition to this significant project. The company is concentrating on producing lithium hydroxide to take advantage of the rising demand for EVs. The compound is critically important for the lithium-ion batteries that power electric vehicles.
Piedmont Lithium Inc. (NASDAQ:PLL) reached a full-year record with 117,000 dry metric tons transported and recorded record shipments in Q4 2024, delivering over 55,700 dry metric tons. Revenue for the quarter rose from $27.7 million to $45.6 million. The firm’s annual run-rate savings of $14 million, as opposed to the initial aim of $10 million, exceeded its 2024 cost reduction goal. While unit prices decreased by over 20%, North American Lithium produced around 51,000 tons in Q4 and over 190,000 tons for the year.
Piedmont Lithium Inc. (NASDAQ:PLL) accelerated permitting, obtaining a state mining permit for Carolina Lithium and a mine operating permit for Ewoyaa in Ghana. The business also revealed that it would merge with Sayona Mining to create the biggest lithium producer in North America currently, with projected yearly synergies of $15-20 million. With an analyst’s upside potential of 49.00%, it is ranked seventh on our list of the Most Promising Stocks.
6. Lithium Americas Corp. (NYSE:LAC)
Analysts’ Upside Potential as of April 29: 52.86%
Lithium Americas Corp. (NYSE:LAC) is a company that only produces lithium. The company controls 62% of Thacker Pass, which is located in northwest Nevada, with General Motors controlling the remaining 38%. Thacker Pass has recently begun construction and is projected to begin producing in the mid- to late 2020s. Thacker Pass is one of the world’s most significant lithium resources. Morningstar analysts predict that the project will be in the lower half of the worldwide cost curve and would be the first clay-based asset to go into production. The management intends to turn Thacker Pass into a fully functional lithium production facility that will sell to the lithium chemical market and have on-site downstream refining capabilities.
The company’s joint venture with General Motors Company is what makes it so appealing. As part of the agreement, General Motors Company will get the 20-year exclusive right to Thacker Pass Phase 1 production capacity. The collaboration guarantees a consistent consumer for Lithium Americas Corp. (NYSE:LAC)’s future output and underlines the project’s significance to GM’s electric vehicle goals. For this reason, Lithium Americas Corp. (NYSE:LAC) has a 52.86% upside potential from its current price, making it one of the Most Promising Stocks.
The company has a healthy liquidity position as of December 31, 2024, with over $594.2 million in cash, cash equivalents, and restricted cash on hand. Lithium Americas Corp. (NYSE:LAC) capitalized $179.9 million in construction capital costs and other project-related expenses throughout the year, showing ongoing investments in development and infrastructure projects to support long-term growth.
5. Albemarle Corporation (NYSE:ALB)
Analysts’ Upside Potential as of April 29: 59.56%
Albemarle Corporation (NYSE:ALB) is the world’s largest and most well-known lithium manufacturer, as well as one of the Most Promising Stocks with an upside potential of 59.56%. The business, which has a 225,000 metric ton production capacity, is one of the largest lithium miners in the world and plans to almost triple production by 2030. The challenges facing the lithium supply chain are complex, and in 2025, trade regulations could make things even more difficult. However, since lithium is a commodity stock that benefits from broad market-wide pricing trends, any shortages or supply constraints would inevitably result in higher lithium prices if things do not work out, which will improve the company’s bottom line.
Despite having a small five-year track record, Albemarle Corporation (NYSE:ALB) has consistently drawn dividend investors with a steady 2.18% yield. Although the company’s recent announcement of a $0.405 dividend increased short-term gains, its long-term potential in the field of electric vehicles is what makes it valuable.
Although management has shown strong financial discipline, investors should be mindful of possible shareholder dilution. Despite lithium prices falling by a third last year, Albemarle Corporation (NYSE:ALB) generated $702 million in operating cash flow, showing resilience that benefits its patient shareholders.
4. Stellantis N.V. (NYSE:STLA)
Analysts’ Upside Potential as of April 29: 84.53%
Stellantis N.V. (NYSE:STLA) is ranked sixth among the Most Promising Stocks with an upside potential of 84.53%. It became the fourth-largest automotive original equipment manufacturer (OEM) by car sales in January 2021 when French-based Peugeot (PSA) and US-based Fiat Chrysler Automobiles (FCA) merged. Among its brands are Maserati, Fiat, Jeep, Chrysler, Ram, Peugeot, Citroen, Opel, and Alfa Romeo. The company serves clients in 130 markets across more than 30 countries. For three years in a row, adjusted operating margins remained in the double digits
Stellantis N.V. (NYSE:STLA) offers a wide range of EVs, including battery EVs and hydrogen fuel cell vehicles. The company’s “Dare Forward 2030” strategy calls for the introduction of more than 75 battery EV vehicles by 2030
In 2024, Stellantis N.V. (NYSE:STLA) showed excellent inventory management by reducing US dealer stock from 430,000 units at the halfway point of the year to 304,000 units at the end, surpassing its goal of 330,000 units. Furthermore, the company broadened its global reach by introducing innovative new products like the Fiat Grande Panda, Citroen C3, Dodge Charger, Jeep Wagoneer S, Citroen C3 Aircross, and Opel Frontera. It proposed a EUR 300 million contract with Comau and a dividend of EUR 0.68 per share, totaling EUR 1.7 billion, proving its commitment to shareholder returns in the face of challenges. The firm’s collaboration with Leapmotors in China was effective, with Leapmotors becoming profitable in Q4 2024 and increasing sales to 300,000 units.
3. Sigma Lithium Corporation (NASDAQ:SGML)
Analysts’ Upside Potential as of April 29: 120.86%
Sigma Lithium Corporation (NASDAQ:SGML) is a commercial manufacturer of lithium concentrate used in electric vehicles, together with its direct and indirect subsidiaries. The firm owns 100% of four mineral properties: Grota do Cirilo, São José, Santa Clara, and Genipapo, all of which are located in the municipalities of Aracuai and Itinga in the Vale do Jequitinhonha region of Minas Gerais, Brazil.
In the fourth quarter, Sigma Lithium Corporation (NASDAQ:SGML)’s Quintuple Zero Green Lithium output grew by 28% to over 77,000 tons, its highest quarterly production to date, setting a new record. In terms of finances, the business showed a solid 26% adjusted EBITDA margin and a 42% cash and operating margin. Operational excellence showed up in safety performance, ranking among the best performers in the ICMM rankings with a TRFIR of 2.35 and more than 600 days without a lost-time injury. The reduction of short-term loan expenses to $19 per ton and all-in sustaining costs to $592 per ton resulted in a considerable improvement in cost efficiency. The year concluded with a strong cash position of $46 million.
According to a recent report by Sigma Lithium Corporation (NASDAQ:SGML), the company is still on course to increase its production capacity by 2025. The second Greentech industrial plant’s foundation earthworks have been finished on schedule and within budget by the firm, and commissioning is anticipated to start in Q4 2025. Furthermore, the firm highlighted its cost-effective strategy. To address the rising demand for lithium, the company is taking advantage of its status as one of the lowest-cost lithium producers in the world. By the end of the decade, it anticipates substantial growth in the lithium market, making it one of the Most Promising Stocks with an upside potential of 120.86%.
2. Solid Power, Inc. (NASDAQ:SLDP)
Analysts’ Upside Potential as of April 29: 143.84%
Solid Power, Inc. (NASDAQ:SLDP) develops solid-state battery technology. The company, in contrast to other solid-state battery rivals like QuantumScape, aims to market its solid electrolyte or license its technology for use in manufacturing at other battery producers. Moreover, its designs can reach the market more quickly because its technology is compatible with modern technologies. It is one of the Most Promising Stocks with an upside potential of 143.84%.
In 2024, Solid Power, Inc. (NASDAQ:SLDP) received a $50 million award from the U.S. Department of Energy to manufacture its solid-state battery electrolyte materials. The award should help boost its cash runway, as its minimal partner revenue began to slow in the latter half of 2024. The firm’s electrolyte manufacturing capacity is expected to increase by 150% to 75 metric tons by 2026, and it may reach 140 metric tons by 2028.
Ford Motor and Solid Power, Inc. (NASDAQ:SLDP) have already extended their joint development agreement. The goal of the strategic partnership is to advance solid-state battery technology, which should open up new business prospects for the auto parts manufacturer.
Solid Power, Inc. (NASDAQ:SLDP) produced strong 2024 results, with revenues rising by 2.7 million to $20.1 million. The growth was mostly driven by the strategic partnership with SK On. The business had $327.5 million in cash and cash equivalents at the end of the year, which was enough to scale its operations.
1. Enovix Corporation (NASDAQ:ENVX)
Analysts’ Upside Potential as of April 29: 191.30%
Enovix Corporation (NASDAQ:ENVX) presents a strong argument for its exclusive 3D battery architecture, which outperforms traditional lithium-ion designs in terms of efficiency and energy density. This innovation is essential for satisfying the growing demand for AI-driven products and electric vehicles, where battery life, performance, and compactness are crucial. The company’s solution overcomes the main drawbacks of conventional battery systems by enabling faster charge rates and longer battery lifespans. It is the Most Promising Stock on our list, as per Wall Street analysts, with an upside potential of 191.30%.
Enovix Corporation (NASDAQ:ENVX) ‘s competitive edge is strengthened by a solid portfolio of intellectual property and a clear research and development plan. The firm’s transition to large-scale commercialization is supported by recent strategic alliances and collaborations, which show rising industry confidence. High-performance batteries are crucial for EV applications, which makes these collaborations particularly important.
In Q4 2024, Enovix Corporation (NASDAQ:ENVX) reported record revenues. Revenues for the quarter were $9.7 million, considerably above the company’s target. Revenues for the whole year 2024 grew by 202% to $23.1 million from $7.6 million in 2023, which is even more impressive. In the fourth quarter, the business also recorded its first-ever positive gross margin of 11%.
Enovix Corporation (NASDAQ:ENVX) is in a strong position to profit from industry tailwinds as the demand for batteries rises internationally. The firm is well-positioned to expand in the upcoming stage of battery innovation due to its sophisticated technology, intellectual property protection, and commercial traction.
Overall, ENVX ranks first among the 12 Most Promising EV Battery Stocks According to Wall Street Analysts. While we acknowledge the potential of EV Battery companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than ENVX but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stock To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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