Investors in EV stocks may have noticed amplified volatility of late. Overarching macroeconomic concerns suggest that large discretionary purchases will continue to face headwinds. Consumers continue to be willing to splurge on small luxuries, but car purchases are entirely different. 

Further, overzealous sales expectations, differing outlooks on profitability timelines, and lower-than-expected EV tax credits may also be contributing to the dipping stock prices of various EV companies.

However, these declines have led to what many long-term investors like – attractive entry points. Accordingly, for those looking for reasons to buy into some of the top high-growth EV stocks, here are three that may be worth buying on the dip.

Fisker (FSR)

Fisker (NYSE:FSR) is one of the top EV stocks trading at a discount right now. Indeed, FSR stock has been on a choppy trajectory in 2023, even as the company remains on schedule to do exactly as it planned in terms of production, hitting milestone after milestone. 

That said, FSR stock currently trades around the $6 level, with a target price of nearly $12. It’s up to individual investors to decide whether this stock is unreasonably discounted based on that simple comparison. I continue to believe that Fisker is deeply discounted, and worth buying here. 

The reason is very simple. Fisker is likely to debut an EV that should have high build quality. That should go a long way in cementing its position as a legitimate EV firm this year. Fisker is a SPAC-funded EV firm. That probably doesn’t help the company, as so many SPACs have proven to be very poor investments. 

But, again, this is a company that’s built quality should be considered. The company outsourced production of its debut Fisker Ocean suv to Magna International (NYSE:MGA). Magna International has a long track record of vehicle production that should result in the Fisker being much better-positioned than its competition, which mainly leverages in-house production. That’s a simple and very powerful reason to believe FSR stock is undervalued at present. 

Rivian (RIVN)

Rivian (NASDAQ:RIVN) stock is arguably extremely discounted at present. Rivian fans should take a look at a recent article written by my colleague Larry Ramer.

He cites a ramp-up in production and strong reviews of the EV truck maker’s vehicles as reasons to generally be positive about RIVN stock. He dives deeper into earnings and operating income expectations to produce a valuation based on current price-earnings ratios to arrive at a share price of $165 within the next five years. His expectations are logical, and the calculations are accurate. 

Yet, Wall Street continues to be tough on Rivian. Margins are constrained, and Rivian’s CFO Claire McDonough has put forward profitability targets for late-2024. Thus far, those targets aren’t winning the company any favor on Wall Street. 

Even so, RIVN stock is expected to double in the next 12-18 months, if target prices are to be trusted. Coincidentally, that time frame matches exactly with management’s expectations for profitability. 

Mullen Automotive (MULN)

Mullen Automotive (NASDAQ:MULN) rounds out this list of discounted EV stocks, though it’s arguable this stock can be put in this category. I say this because just about every metric suggests that the company isn’t worth much at all. 

Most investors remain negative around Mullen because there simply isn’t much positive to say about the company. 

Fundamentally, there are a lot of red flags to consider. Namely, Mullen Automotive loses a lot of money. In the last quarter of 2021, losses totaled $156.06 million. However, over the last three months of 2022, losses remained high, coming in at $376.28 million. Mullen had no commercial operations at that time, and reported no revenue in the same period. Very little suggests that investors should get behind the company with any realistic expectation of a rebound. 

That is except for the news that the company has been identified by influential commenters as a potential meme stock breakout. The trader named Obi who runs an influential YouTube channel and remains influential in the r/WallStreetBets Reddit group sees potential. He believes MULN stock is garnering attention similar to that for previous WallStreetBets breakouts including AMC Entertainment (NYSE:AMC). If he can corral a so-called MULN-army, then anything’s possible in the near-term. 

On the date of publication, Alex Sirois 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.