The EV Ecosystem: Global Stocks Powering Electric Vehicles

May 16, 2025

The electric vehicle (EV) revolution is no longer on the horizon. It’s accelerating across the globe. What began as a niche market dominated by Tesla has now become a multi-trillion-dollar ecosystem encompassing automakers, battery producers, semiconductor manufacturers, rare earth suppliers, and charging infrastructure developers. The EV supply chain offers a uniquely diversified entry point for investors seeking long-term growth tied to the global energy transition.

This week, Emerging Alpha by AFYVA highlights the international stocks quietly driving the EV boom and the countries racing ahead in this high-voltage contest.

The 5 Core Pillars of the EV Ecosystem

The EV value chain includes five strategic components:

Vehicle Manufacturers: Automakers designing and selling EVs.
Battery Producers: Companies supplying lithium-ion battery packs.
Raw Materials & Mining: Lithium, nickel, cobalt, and graphite suppliers.
Semiconductors & Electronics: Chips that manage powertrains and sensors.
Charging Infrastructure: Networks enabling mass EV adoption.

Let’s take a look at global leaders in each category and where the alpha may be hiding.

Global Stocks Powering the EV Future

BYD Co. Ltd. (China)

China’s BYD (HKG:1211) has overtaken Tesla in EV unit sales and is rapidly expanding into Europe, Southeast Asia, and Latin America. With government backing and a fully integrated supply chain from batteries to vehicles, BYD is a standout in emerging markets.

LG Energy Solution (South Korea)

As the world’s second-largest EV battery maker, LG (KRX:373220) supplies Tesla, GM, and Hyundai. Its global manufacturing footprint stretches from Korea to Poland and Michigan, offering key exposure to both Asia and the West.

Lithium Americas (Canada)

Positioned to benefit from North America’s lithium rush, LAC (NYSE: LAC) is developing projects in Argentina and Nevada. With the U.S. pushing for domestic mineral independence, companies like LAC may be critical to supply chain resilience.

Panasonic Holdings (Japan)

Panasonic (TYO: 6752), a pioneer in lithium battery cells for Tesla, is pivoting toward high-density batteries essential for next-gen EVs. With new factories planned in North America, the company is strengthening its global footprint.

Zaptec ASA (Norway)

This Norwegian company designs and installs smart EV charging systems, with operations expanding across Europe. As urban infrastructure catches up with rising EV adoption, Zaptec (FRA: 6I4) is a niche player with major upside.

Investment Trends & Policy Catalysts

EV momentum is being reinforced by sweeping regulatory and policy frameworks:

EU’s 2035 Ban on Internal Combustion Vehicles
U.S. Inflation Reduction Act (IRA) incentives for battery supply chains
China’s dominance in rare earth refining and low-cost manufacturing
India’s PLI Scheme for EV production subsidies

Global capital is flowing into both upstream and downstream EV players from Chilean lithium miners to German auto software developers, creating one of the most interconnected investment narratives of the decade.

EV Is Not Just a Car Story

Investors often make the mistake of viewing EVs through the narrow lens of automakers. But the biggest gains may lie in companies enabling electrification from Argentina's mines to Oslo's charging grids.

As EV adoption spreads beyond early-adopter nations, global infrastructure and supply chain providers are positioned to benefit from multi-decade tailwinds.

At AFYVA, we believe the next alpha isn’t just Tesla or NIO—it’s in the overlooked global enablers powering the electric revolution.

This newsletter is for informational purposes only and does not constitute financial advice or recommendation. Please research or consult a licensed financial advisor before making investment decisions.

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