President Joe Biden wants half of all new vehicle sales in the U.S. to be electric by 2030. That will require exceptional growth in electric vehicles (EVs), which right now make up less than 5% of U.S. vehicle sales. A robust charging infrastructure is also vital for increasing the use of EVs. To encourage development of a charging network, the bipartisan infrastructure bill provides for a $7.5 billion investment in charging infrastructure.

Simply put, EVs are set to rule the roads in the coming years, not only in the U.S. but also globally. Here are five stocks to bet on this EV growth story.

lucid-air-exterior.

The Lucid Air. Image source: Lucid Group.

1. Lucid Group

By delivering cars with a market-leading range, Lucid Group (LCID 2.21%) has positioned itself as a serious contender in the EV market. After winning the Motor Trend Car of the Year award, Lucid now needs to focus on delivering cars as per its plan.

The company already has more than 17,000 orders, and it plans to deliver on all of these, and more, before the end of next year.

In the coming years, Lucid plans to launch lower-priced models for the mass market. The company's product range also includes a luxury SUV, which it aims to start producing in 2023. Over time, Lucid also plans to target international markets, possibly starting with the Middle East or China.

All in all, Lucid's cutting-edge technology as well as its solid growth plans position it well for long-term growth.

2021-Ford's Mustang-Mach-E-GT.

Image source: Ford Motor Company.

2. Ford

Ford (F 0.41%) isn't really the first name that comes to mind when talking about EVs. In November, it sold 11,116 electric vehicles, or 7% of its total vehicle sales for the month. However, there are two more factors to consider here. First, its EV sales for the month grew 153% year over year.

Second, even though they were a minuscule percentage of its total sales, Ford's numbers were still higher than sales of most of the EV start-ups for the month.

So, while pure-play EV companies are expected to see significant growth in the coming years, the same holds true for Ford. It could see higher growth than EV start-ups due simply to its loyal customer base and proven quality products.

Ford expects as much as 40% to 50% of its sales to be electric by 2030. The automaker's push positions it well to become a top EV player in the coming years.

Volkswagen ID.5 GTX.

The Volkswagen ID.5 electric. Image source: Volkswagen.

3. Volkswagen 

Like Ford, Volkswagen (VWAGY 2.17%) is working on a well-built EV strategy that it hopes will place it ahead in the race. The German automaker plans to invest 35 billion Euros in electric mobility. Further, it aims to increase EV sales to 20% of its total by mid-decade. By 2030, Volkswagen plans for 60% of its European sales to be electric.

The company is investing heavily in battery technology research as well as production capacity. It plans to establish six battery gigafactories in Europe to meet the demand within the Volkswagen Group. The company will spend 2 billion Euros for the construction of a gigafactory in Salzgitter, which is expected to start production in 2025.

Moreover, Volkswagen has entered several partnerships -- including with materials technology company Umicore, battery companies 24M Technologies and QuantumScape, and clean technology company Vulcan Energy Resources -- to strengthen its battery technology and production. 

In the first nine months of 2021, Volkswagen delivered around 293,000 fully electric vehicles. By comparison, Tesla delivered 627,572 vehicles during the same time frame. All in all, Volkswagen is setting up to become a leading player in the EV space.

4. BYD 

China is a key market for electric vehicles in growth as well as in size. With a roughly 18% share, BYD (BYDDY 0.62%) (BYDD.F 0.53%) is a dominant player in the Chinese EV market. More than 90% of the vehicles that BYD sold in November were either fully electric or plug-in hybrid. 

BYD derives roughly 48% of its revenue from mobile handset components and rechargeable batteries. But the company is increasingly focused on growing its EV sales. The company's EV sales in November grew 153% year over year to 46,137 units. Of these, BYD's flagship EV model, Han, accounted for more than 10,000 units. In addition to China, BYD is now selling Han EV in the Caribbean and Latin America.  Apart from electric cars, BYD is a top player in electric buses too.  

As a dominant EV maker in a rapidly growing market, BYD is well placed to grow in the years to come.

Businessman using laptop for analyzing data stock market.

Image source: Getty Images.

5. Nio

Nio (NIO 0.62%) is another top Chinese EV company well positioned to benefit from the country's strong EV growth. It differentiates itself from other players through its technology. In 2020, Nio launched a battery-as-a-service model, which allows users to purchase a vehicle without batteries and subscribe for battery packs separately. This innovation helps reduce the purchase price of the vehicle while providing flexible battery upgrade options for owners.

The company also offers battery swapping, which allows users a quick recharge by simply exchanging the batteries. It is also useful for users looking to switch to an advanced or more-efficient battery option.

Nio is also one of the first EV makers in China to offer advanced driver-assistance systems in its cars. It sold 10,878 electric vehicles in November, up 106% year over year.