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• President Joe Biden's green energy agenda is set to release a tidal wave across the electric vehicle sector, Wedbush said in a Wednesday note.
• "While today EV's only represent 3% of total automotive sales globally, we believe this will reach the 10% threshold by 2025 and 20% by 2030," the note said.
• These are Wedbush analyst Dan Ives' eight favorite electric vehicle stocks to invest in.

Investments in the electric vehicle sector are set to soar as President Joe Biden's green-energy agenda is enacted, Wedbush analyst Dan Ives said in a Wednesday note.

"While today EV's only represent 3% of total automotive sales globally, we believe this will reach the 10% threshold by 2025 and 20% by 2030," Ives said, highlighting that there are about 150 OEMs globally going after the EV market, representing the biggest change to the auto industry since the 1950s.

The opportunity ahead leads to many investment opportunities, whether its in the supply chain, to charging stations, to recycling battery materials and the broader electric grid build out.

Despite the strong long-term potential for the space, EV stocks have gone nowhere in 2021, with shares of Tesla and others under pressure amid a global chip shortage. Other factors hurting the performance of EV stocks in recent months include the pre-revenue nature of many EV companies, surging competition, and a risk-off environment on Wall Street for speculative tech investments.

Still, in the long-term, there are plenty of investment opportunities to take advantage of as the sector grows rapidly and legacy automakers begin to take EVs seriously. And the sector could see an added jolt if EV tax credits are expanded for consumers.

These are Wedbush analyst Dan Ives' 8 favorite electric vehicle stocks to invest in, according to the note.

1. Tesla

Tesla Model Y/

Ticker:TSLA

Market Value: $641.3 billion

YTD Performance: -5.6%

"Favorite Overall EV Name"

2. Faraday Future

AP Photo/Jae C. Hong

Ticker:FFIE

Market Value: $3.5 billion

YTD Performance: 4.8%

"Favorite Disruptive EV OEM"

3. Electric Last Mile

The electric car Nissan Leaf, at an electric vehicle charging station at Balboa Park.

Ticker:ELMS

Market Value: $969.8 million

YTD Performance: -41.5%

"Favorite Commercial Last Mile Name"

4. Hyzon Motors

Hyzon Motors

Ticker:HYZN

Market Value: $1.8 billion

YTD Performance: -26.0%

"Top Hydrogen/Long Haul Trucking Play"

5. General Motors

General Motors, Hummer

Ticker:GM

Market Value: $74.6 billion

YTD Performance: 21.2%

"Favorite Auto Stalwart Transitioning to EV"

6. Volkswagen

picture alliance/Getty Images

Ticker:VWAGY

Market Value: $148.4 billion

YTD Performance: 67.5%

"Favorite Auto Stalwart Transitioning to EV"

7. Nio

STR/AFP via Getty Images

Ticker:NIO

Market Value: $49.3 billion

YTD Performance: -21.8%

"Favorite China EV Names"

8. XPeng

Xpeng

Ticker:XPEV

Market Value: $33.1 billion

YTD Performance: -11.5%

"Favorite China EV Names"