Electrification of transport is an unstoppable trend. President Joe Biden wants to make 50% of all vehicle sales to be electric by 2030. Top automakers have also announced intentions to increase their electric vehicle (EV) sales in sync with this target. 

Here are four top stocks for you to consider if you are looking to hop on the EV bandwagon.

Rivian Automotive

Rivian Automotive (RIVN 0.27%) captivated Wall Street's attention with its mega initial public offering (IPO). The euphoria for Rivian sent the stock's market cap above $150 billion at one point. The stock has corrected significantly -- off more than 60% its all-time high price.

A dark blue 2022-Rivian-R1S parked in a driveway.

Image source: Rivian.

As an early mover in the electric pickup truck segment, Rivian is witnessing robust demand for its vehicles. What's more, its selection as MotorTrend's 2022 Truck of the Year has added to buyers' enthusiasm. Apart from a pickup truck and an SUV, Rivian has an initial order of 100,000 electric delivery vans from Amazon. Starting deliveries in September, Rivian delivered 920 vehicles in 2021. Though ramping up production is a challenge, other things have shaped well for the EV maker so far.

As a pure-play EV maker, Rivian stands to benefit from its agile operations and potential to generate higher margins compared to traditional automakers. Overall, Rivian could be a high-risk, high-reward EV bet.

Ford Motor Company

Ford Motor Company (F 0.08%) offers a relatively safer way to gain exposure to the EV growth story. While the stock may not rise as much as that of pure-play EV companies, the downside risk could also be less. Ford intends to make 40% to 50% of its vehicle sales electric by 2030. If Ford achieves that target, while also providing features like over-the-air software updates and other subscription and software services that can generate a recurring revenue stream for it, the company could see a meaningful uptick in its margins. That could pave the way for a steady rise in Ford's stock price.

A gray 2021 Ford F-150 Platinum truck pulling a boat next to a body of water.

Image source: Ford.

As a first step toward its goal, Ford plans to expand its yearly EV production capacity to 600,000 vehicles by the end of next year. The automaker's EV sales rose 167% year over year to 13,169 units in January. Meanwhile, Ford's driver assist system, BlueCruise, will likely be available as an over-the-air update for its F-150 and Mustang Mach-E models in this quarter. Overall, Ford seems to be moving in the right direction to be a leading EV maker few years down the line.

BYD

China accounted for roughly half of global electric vehicle sales in 2021. As a leading player in China, BYD (BYDDY 0.99%) (BYDD.F 1.60%) stands to gain from the strong growth of EVs in the Asian country. BYD sold more than 593,000 electric vehicles in 2021. Of these, nearly 273,000 were plug-in hybrids while the remaining were all-electric. This makes it one of the top three EV sellers in China.

A person looks at their phone while charging an electric vehicle.

Image source: Getty Images.

BYD's top-selling electric models include Han, Tang SUV, Yuan, Song Pro, and Quin Pro. With its lower-priced models, BYD mainly targets the mass market. Warren Buffett's firm Berkshire Hathaway (BRK.A -0.42%) (BRK.B -0.56%) holds a nearly 8% stake in BYD. Overall, BYD stock offers an attractive way to bet on the Chinese EV growth.

Volkswagen

Selling nearly 453,000 electric vehicles in 2021, Volkswagen (VWAGY -3.76%) is working hard to be at the top as the transport sector gets electrified. The company's 2021 EV sales rose 95% over 2020. Though electric vehicles accounted for just 5.1% of Volkswagen's sales in 2021, the company aims to raise this number to 50% by 2030. Between 2022 and 2026, the German automaker aims to spend 52 billion euros on e-mobility. Volkswagen is considering an initial public offering of Porsche, which could help unlock value for shareholders while also helping Volkswagen fund its electrification efforts. 

A red Volkswagen ID.5 GTX drives by a storefront at night.

Image source: Volkswagen.

Volkswagen sold 8.9 million vehicles worldwide in 2021, making it the second-largest automaker in the world. Unlike several pure-play EV start-ups, Volkswagen generated roughly $22 billion in net profits in the trailing 12 months. Its huge scale of operations, strong manufacturing base, rich experience, and a strong brand are some of the factors that could help it succeed in the EV race.