Demand for electric vehicles. There are plenty of factors driving this demand, which has led to surging valuations among top EV stocks. However, it’s clear that governments and investors are focused on electrification as a key toward creating a greener and cleaner future.

While Tesla (NASDAQ:TSLA) is a leader in the industry and already enjoys a first-mover advantage, the industry is fast-evolving. Competition is springing up, challenging Tesla’s lead.  Thus, while (spoiler alert) Tesla is on this list, there are other top EV stocks I think are worth considering.

As the EV race picks up, let’s dive into three of the best options long-term investors should consider in this sector.

Ford Motor (F)

At the top of my list is Ford Motor (NYSE:F). Known for its F-150 pickup truck (which has been the best-selling vehicle in the United States for over four decades), Ford is probably the most well-known automaker in America. Thus, the launch of the company’s F-150 Lightning fully electric pickup truck last year, and its 2,436 vehicles delivered last month, ought to be exciting for investors.

Additionally, the automaker recently revealed the new Explorer EV for its European market. This launch is a part of the company’s plan to transform its European lineup to be entirely electric by 2030. The company is certainly taking the right steps to achieve this goal, aiming to produce 1.2 million EVs over the next six years starting in 2023. The company has spent more than $50 billion on electrifying its fleet.

Over the past year, F stock has declined roughly 30%. Accordingly, I think the stock has impressive upside potential from here.

While the company has seen disappointing quarterly results, supply chain issues have plagued all companies in this sector. Thus, while Ford may lose $3 billion in its EV segment in the years to come, profitability should come by 2026. Those looking to play the long game in this sector may want to consider Ford, a company with full-year cash flows of $6 billion (meaning it can finance its way toward electrification with its core business).

BYD Company (BYDDF)

Already an established player in the EV industry, BYD Company (OTCMKTS:BYDDF) is the most successful EV maker today. Indeed, BYD is perhaps the most prolific EV company, despite being among the lesser-known names.

BYD has been successfully posting industry-leading delivery numbers over the past few years. The Warren Buffett-backed company is the world’s largest EV company by total volume sold. The company’s impressive EV sales of 911,141 units over the past year, with hybrid sales of 946,238, translates into year-over-year growth of more than 200%. That’s heads and shoulders above Tesla and the rest of the industry.

However, the recent EV price war has led to a drop in BYD stock. Currently trading around the $26 per share level today, BYDDF stock is down roughly 9% this month. The market expects more price cuts in the near future, which could continue to affect demand across the board. These price cuts have been felt more in China, where BYD is based.

That said, the automaker is reducing shifts at EV plants due to slowing demand. As far as cost-cutting and profitability are concerned, BYD is a top option in this space. These actions show the company’s commitment to this front.

Additionally, I think the current dip in BYD’s stock price could provide a great entry point to investors. As the leader in this sector, BYD is a great way to play overall growth.

Tesla (TSLA)

Last but not least, we have to talk about the elephant in the room. American EV maker Tesla is another top player investors need to keep on their radar.

Tesla enjoys an unbeatable reputation in the industry, and is consistently growing. TSLA stock lost a lot of value in 2022, and is trading 50% below its 52-week high. Accordingly, it’s now possible for investors to pick up shares of one of the top EV stocks for $192 today, making this dip a great time for long-term investors to open a position, in my view.

The company has impressed investors with its recent quarterly results. Tesla reported sales of $24.3 billion in the fourth quarter, which was a 37% rise from the same quarter the previous year. Tesla saw the strongest orders year-to-date in the history of its operations, essentially dispelling all of the market’s concerns about a system-wide demand drop.

On the date of publication, Vandita Jadeja did not have (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.