Some of the top battery stocks to buy will benefit from automakers’ plans to invest $1.2 trillion in the development of the electric vehicle, and batteries. In fact, “To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers,” says Reuters.

Tesla (NASDAQ:TSLA) wants to build 20 million EVs by 2030, which will require about three terawatt hours of batteries. Ford (NYSE:F) has plans for 240-gigawatt hours of battery capacity. Mercedes-Benz (OTCMKTS:MBGYY) wants to boost its global battery capacity to more than 200-gigawatt hours. Even better, according to Statista, the global battery market could grow more than four-fold by 2030 to $424 billion.  That being said, now is the best time to hunt for battery stocks, especially those on the cheap.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Lithium Americas (LAC)

Source: Wirestock Creators / Shutterstock.com

One of the top battery stocks to buy is Lithium Americas (NYSE:LAC). For one, it’s quickly getting caught up in the massive lithium supply-demand story. Two, the company has two high-quality assets, including its U.S. Thacker Pass mine, where the company expects to see an average EBITDA of $520 million. There’s also the Argentinian asset, Cauchari-Olaroz, where the company expects to see an annual EBITDA of $308 million.

Best of all, General Motors (NYSE:GM) is investing $650 million in the company to produce lithium for its EV batteries. In fact, according to LAC, it will produce lithium for about a million EVs a year. “Direct sourcing critical EV raw materials and components from suppliers in North America and free-trade-agreement countries helps make our supply chain more secure, helps us manage cell costs, and creates jobs,” GM CEO Mary Barra said.

Solid Power (SLDP)

Source: T. Schneider / Shutterstock.com

Solid-state battery stock, Solid Power (NASDAQ:SLDP) is headed higher. For one, the U.S. Department of Energy just awarded the company over $5 million to develop its technology, “which could significantly help lower the price of EV batteries,” according to Electrek.com. Also, just last year, the company said it would co-develop its solid-state technology with BMW, which should help accelerate the project. Even better, it initiated an EV cell pilot line. The company will be delivering EV cells to automotive partners in the first half of 2023 for testing.