Electric vehicle makers stand to benefit from the ongoing multi-decade shift from internal combustion engine vehicles to electrified ones. Electric vehicle (EV) stocks have seen some correction this year. If you've been waiting to enter the space, now could be a good time to take the plunge.

Here are three top EV stocks to consider buying right now.

1. Rivian

EV maker Rivian (RIVN 5.35%) has attracted loads of attention from investors ever since it went public. The young company has started deliveries of its electric pickup truck, the R1T, even as Ford plans to begin deliveries of F-150 Lightning this spring and Tesla has delayed production of its Cybertruck to 2023.

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A Rivian R1T out in the field. Image source: Rivian.

Right now, Rivian has healthy pre-orders for its pickup truck and SUV. And it has an initial order for 100,000 electric delivery vans from Amazon, which also holds an 18.1% stake in Rivian. Ford holds another 12% stake in the company.

As a young EV maker in an extremely competitive market, Rivian faces several risks. To begin with, it must overcome challenges of manufacturing at scale. Auto manufacturing is a capital-intensive business and requires a robust supply chain. The company has taken some risk off the table by delivering its first products successfully. But it remains to be seen how these vehicles perform over time and how much acceptance they get from customers.

Despite the risks, Rivian has fared well so far. Robust demand for its products bodes well for the company's growth. The stock is down 36% year to date, offering an attractive entry point for long-term investors. It got a little boost recently on the news that institutional investors, including George Soros, are bullish on the company's prospects. Investors will get to learn more about the EV maker's progress when it reports its fourth-quarter results on March 10.

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The Lucid Air. Image source: Lucid Group.

2. Lucid Group

Lucid Group (LCID 10.05%) is another promising EV start-up. The company made headlines when it delivered its first car, the Lucid Air, which at its top trim version offers a range longer than Tesla's Model S. The model was liked by early customers as well as media outlets, including MotorTrend, which gave it the Car of the Year award.

Lucid's early success, however, doesn't guarantee its long-term success. The company is yet to produce vehicles at scale and profitably. Yet it seems to be doing well so far. It has been successful in creating a buzz for its product and is now focused on scaling up production.

And Lucid Group is backed by Saudi Arabia's sovereign wealth fund, which holds a 63% stake in the EV company. Saudi Arabia tops the list of countries where Lucid plans to expand its operations. It is already working on its next model, an SUV called Gravity, and intends to launch lower-priced models over time. So it has a well-planned growth strategy.

As an early stage company, the stock might remain volatile in the near term. But if you can stomach that and look at a longer time horizon, the stock is worth considering. Investors will learn more about Lucid's progress and its plans when it reports fourth-quarter results on Feb. 28.

Charging at home. ChargePoint.

A ChargePoint home recharging system. Image source: ChargePoint.

3. ChargePoint Holdings

EV charging company ChargePoint Holdings (CHPT -2.96%) is one of the largest such companies in the world. It has 163,000 charging ports globally, with 45,000 in Europe. The company has been growing its revenue consistently, though it is still incurring losses. And it could continue to do so for the coming several years.

But ChargePoint is growing its network and revenue rapidly. It expects to generate a recurring revenue stream from software and warranty services for its chargers. Over time, this recurring stream could be sizable. Right now, the company earns more than 70% of its revenue from hardware sales.

ChargePoint expects that over time, its operating expenses, including research and development as well as sales and marketing, will grow slower than its revenue, helping it to attain profitability. That should boost the stock price, which has seen significant correction in the last few months. Notably, things might not pan out as the company is hoping, as there is significant competition in the space.

Investors will be looking forward to learning more about ChargePoint's progress when it reports its fourth-quarter results on March 2.