After correcting more than 21% this year, the S&P 500 index has been on an upward trend over the last couple of months. It is now down just 13.2% for the year as of this writing. Yet, overvaluation concerns and supply chain challenges resulted in a steeper correction in electric vehicle (EV) stocks. As markets recover and supply chain constraints get resolved, EV stocks should bounce back.

If you are looking to invest in EV stocks but think you don't have lots of funds to spare, here is some good news: You can invest in top EV stocks with as little as $100. Here are three such stocks to consider buying right now.

1. Ford Motor Company

Although Ford Motor Company (F -0.40%) isn't the first name that comes to mind when we talk about EV companies, the iconic automaker has big ambitions in the EV space. By the end of 2023, Ford expects to produce 60,000 EVs monthly. The company targets producing 2 million EVs annually by late 2026. In 2021, Ford sold 3.9 million vehicles globally. So 2 million EVs mean that roughly half of Ford's sales could be electric by 2026. That kind of sales would make the company a leading player in the EV market.

Ford enjoys some key benefits over newer, pure-play EV makers. First, it has a very strong brand with a loyal customer base. These customers will likely go for the electric version of their favorite Ford model rather than switch over to a new EV maker. The company's leading position in the U.S. auto market, as well as its deep manufacturing expertise, gives it an edge over the competition.

As an example, Ford recently entered a series of agreements and memorandums of understanding (MOUs) to secure battery capacity to fully meet its 2023 EV production targets. The company has already secured 70% of the battery capacity needed to support 2 million EV units by the end of 2026. A deep industry expertise and financial strength allow Ford to secure supply even in a constrained market. All in all, Ford is one of the best EV stocks to buy right now.

2. Nio

Chinese EV maker Nio (NIO -4.48%) is among the top pure-play EV companies in China. Nio's innovative battery-as-a-service (BaaS) offering, advanced driver-assist features, and impressive models allowed it to establish itself as a key player in the fast-growing Chinese EV market. It more than doubled its deliveries in 2020 and 2021 before hitting supply chain constraints and pandemic-related restrictions in 2022. Still, Nio grew its 2022 deliveries through July by 22% over the same period last year.

Nio has deployed more than 1,000 battery swap stations in China so far. Additionally, it has installed nearly a thousand charging stations with over 5,000 chargers across China. Although China's EV market is competitive, Nio's growth shows that there is ample demand for its innovative products and services. As supply chain and COVID-related constraints resolve, Nio should see its deliveries growing at a faster pace.

Nio's stock has corrected 34% so far this year, offering an attractive entry point for long-term investors.

3. Lucid Group

Late last year, Lucid Group (LCID -3.03%) impressed customers and investors alike with its sleek cars that offered a longer range than what was available in the market. Nine months later, the company is struggling to ramp up its production. The company has cut its production target for 2022 twice. In July 2021, Lucid expected to produce 20,000 units in 2022. In May, the company updated the target to 12,000 to 14,000 vehicles. Three months later, Lucid found this target also to be unachievable and has slashed it by half to 6,000 to 7,000 vehicles. 

Obviously, investors are concerned. The stock price is down 50% so far this year. Lucid cites supply chain constraints as the reason behind the lowered production outlook.

But all is not lost for Lucid. Young EV makers face challenges in ramping up initially. Lucid has sufficient liquidity to carry out its operations well into 2023. Furthermore, despite its premium pricing, Lucid Air's reservations continue to rise. That's due to the top quality and features of its cars. The company has more than 37,000 reservations for Lucid Air. Moreover, the government of Saudi Arabia has committed to purchasing up to 100,000 vehicles from Lucid. All these factors may help Lucid to successfully increase its production in the coming months.

However, investors should note that Lucid has yet to prove it can operate profitably; so the stock entails significant risks.