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There are some attractive EV battery stocks under $10 that can be valued creators within the electric vehicle sector. Even with some near-term challenges, the segment remains one of the hottest investment themes.

This is likely to hold true through the decade as governments make a big push toward green mobility.

The EV battery market will grow at a CAGR of 20% through 2030, according to estimates. The market size is expected to be $360 billion by the end of the decade.

Clearly, the addressable market is big, and game-changing innovations will drive growth for EV battery companies. As an example, the solid-state battery market size is expected to swell to $7.51 billion by 2030.

Let's, therefore, talk about three EV battery stocks under $10 that are worth holding for healthy gains.

Panasonic Holdings

Among EV battery stocks under $10, Panasonic Holdings (OTCMKTS:PCRFY) would be my top pick. Over a 12-month period, PCRFY stock has witnessed a meaningful correction of 33%. At the forward price-to-earnings ratio of 10.9, the stock seems attractive.

Besides the valuation factor, Panasonic is high on innovation. As an example, Panasonic already has 445 solid-state battery patents. That's likely to ensure that the company maintains a healthy market share.

Further, the company currently plans to increase battery density by 20% by the end of the decade. Panasonic has also developed a new way to slow battery degradation.

In terms of expansion, Panasonic is already building a $4.0 billion battery plans in Kansas. There are also reports that another $4.0 billion investment is in the pipeline. With some aggressive investments, the company seems positioned to accelerate growth.

Solid Power

Solid Power (NASDAQ:SLDP) is another interesting name to consider among EV battery stocks under $10. After some correction, SLDP stock seems to be in a consolidation mode and some exposure can be considered at current levels.

In terms of positive catalysts, Solid Power has already completed the installation of its pilot production line. This will produce EV-scale solid-state batteries.

By the end of the year, the company also plans validation testing by partners that include Ford (NYSE:F) and BMW (OTCMKTS:BMWYY). The potential positive result from battery testing is a major upside catalyst.

Solid Power has guided for a year-end liquidity buffer of $420 to $440 million. The company seems fully financed for the next 12-18 months. It's also worth noting that Solid Power also has financial backing from Ford and BMW. Significant investment in research and development is unlikely to be a challenge.

Overall, Solid Power is among the early movers in solid-state battery technology. Once commercialized, the growth outlook is robust.

Microvast

Microvast (NASDAQ:MVST) stock has slumped by almost 75% in the last 12 months. After the big correction, the stock looks attractive for fresh exposure.

As an overview, the company is a designer and developer of lithium-ion battery solutions. In particular, the company is focused on the commercial electric vehicle segment.

For Q2 2022, Microvast reported revenue growth of 93% to $64.4 million. With an order backlog of $105.3 million, the growth outlook is bright.

Another factor to like MVST stock at current levels is the capital investment. For the remainder of 2022, the company expects capital expenditure of $180 to $220 million.

This will ensure additional capacity in 2023. It's therefore likely that top-line growth will accelerate. For the current year, the company has provided a revenue growth guidance of 35% to 45%.

On the flip side, operating level losses have accelerated during the first six months of 2022. However, if growth sustains, EBITDA margin improvement will follow (economies of scale).

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.

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