It’s been a mixed year for electric vehicle stocks. Global adoption of EVs has continued amidst economic and inflationary headwinds. I believe that temporary headwinds are a good opportunity to accumulate quality EV stocks . Within the broad EV segment, there are some good opportunities among undervalued battery stocks . Let me first talk about the reason to be bullish on EV batteries. Estimates indicate that the global EV market battery size is estimated at $198.9 billion by 2030. Between 2023 and the end of the decade, the market is expected to grow at a CAGR of 21.1% . Given this potential growth outlook, some of the best EV battery stocks can be massive value creators. This column focuses on three ideas that are undervalued and look strong from a fundamental perspective. Over the next few years, these undervalued battery stocks are likely to outperform the industry. Let’s discuss the reasons to be bullish. Panasonic Holdings (PCRFY) Panasonic Holdings (OTCMKTS: PCRFY ) is an undervalued and possibly the best battery stock to buy. At a forward price-earnings ratio of 7.8, PCRFY stock looks poised to double in the next 24 to 36 months. Additionally, the stock offers a dividend yield of 2.29% and I expect healthy dividend growth in the coming years. An important point to note is that Panasonic has ambitious growth plans in the EV battery business. The company is targeting construction of four EV battery plans by 2031. This would translate into quadrupling of battery capacity to 200GWh as compared to the last financial year. The expansion plan would imply sustained revenue and cash flow upside. It’s also worth mentioning that the company is planning to produce batteries for drones by 2029. This would be another big growth segment beyond the decade. Overall, Panasonic is an innovator and with aggressive growth plans, PCRFY stock is likely to be a value creator. Lithium Americas (LAC) Lithium mining stocks have been depressed through 2023 on the back of a sharp correction in lithium price. However, some analysts believe that lithium shortage can come as early as 2025. It’s likely that lithium will bounce back relatively soon and so will lithium stocks . A high-quality bet in the business is Lithium Americas (NYSE: LAC ). The company’s Thacker Pass project promises to be a cash flow machine with a mine life of 40 years. Further, an after-tax net present value of $5.7 billion points to LAC stock trading at a significant valuation gap. Another important point to note is that General Motors (NYSE: GM ) is investing $650 million in the project. Financing timely completion of the project is unlikely to be a concern. Additionally, the off-take agreement by General Motors for 10 years provides revenue visibility. My view is that LAC stock can be a five-bagger within the next five years. Current levels are therefore attractive for fresh exposure. Microvast Holdings (MVST) Microvast Holdings (NASDAQ: MVST ) stock is among the penny undervalued battery stocks to consider. MVST stock has trended lower by 16% for year-to-date. The correction however seems overdone and I am positive on a reversal rally from current levels. As an overview, Microvast is a designer and manufacturer of lithium-ion battery solutions. The company has more than 17 years of experience in the manufacture of lithium-ion batteries and has 630 (patents and patent applications) globally. For Q3 2023, Microvast reported robust revenue growth of 107% on a year-on-year basis to $80.1 million. For the same period, the company’s adjusted gross margin expanded by 1,400 basis points to 24.2%. With an order backlog of $678.7 million , the growth visibility remains strong. Financial metrics also point to the fact that MVST stock is undervalued. I also like the fact that Microvast has global presence. For the first nine months of 2023, Microvast derived 57% revenue from China. Further, Asia Pacific and other emerging markets contributed to 42% of revenue. With a big addressable market, the growth outlook is positive. On the date of publication, Faisal Humayun did not hold (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 .