Every investor should be looking for the next Tesla. Since 2010, Tesla shares have risen in value by more than 20,000%. An initial investment of just $5,000 would now be worth well over $1 million.

Could Lucid Group (LCID 0.20%) be your next millionaire-maker opportunity? The company is on track for immense growth this year, and its long-term future looks bright when it comes to copying Tesla's strategy for growth. But before jumping in, there are a few risks to monitor.

Lucid is is about to copy Tesla's proven growth strategy

Way back in 2006, Elon Musk laid out Tesla's master plan for growth in a "top secret" blog post. "As you know, the initial product of Tesla Motors is a high performance electric sports car called the Tesla Roadster," Musk began. "However, some readers may not be aware of the fact that our long-term plan is to build a wide range of models, including affordably priced family cars."

Musk concluded the post by summarizing Tesla's primary objectives in the years to come:

1. Build sports car.
2. Use that money to build an affordable car.
3. Use that money to build an even more affordable car.

In hindsight, Tesla has executed this plan well. The second-generation Roadster model was priced around $200,000. In 2012, however, Tesla launched its Model S sedan at a starting price of just $60,000.

Then in 2016, the company launched the Model X, an SUV priced at only $75,000. Neither the Model S or Model X were affordable by the masses, but their form factors and price points unlocked millions of new potential buyers.

Then, Tesla reinvested profits from those vehicles into the Model 3 and Model Y, two models with even more affordable price points. Today, the Model Y and Model 3 dominate Tesla's automotive revenue. The company sold 1.7 million of these vehicles in 2025, compared to just 85,000 for all of its other models combined.

Clearly, reaching the ability to sell affordable cars to the masses is key for any electric-vehicle (EV) company's long-term growth. This is exactly what Lucid is aiming to accomplish over the next 24 months.

Will Lucid's sales grow by 200% over the next 24 months?

In 2016, Lucid revealed its Air sedan concept. Five years later, production of this initial EV model began. Today, Lucid sells more than $800 million of these sedans per year.

That's impressive, but the company's sales pale in comparison to Tesla's annual revenue of nearly $100 billion. That's why Lucid launched its Gravity SUV platform in early 2025. Now, the company has the equivalent of Tesla's Model X and Model S in its lineup -- luxury vehicles designed to establish a reputation for quality.

Thanks to this doubling of Lucid's vehicle lineup, analysts expect the company's sales to grow by 82% in 2025 and 91% in 2026. In total, that implies sales growth of more than 200% over the next 24 months.

Long term, however, Lucid may just be getting started. By the end of 2026, the company expects to begin production of several new mass-market vehicles, roughly equivalent to Tesla's Model Y and Model 3.

Over the next five years, investors could see Lucid go from a sub-$1 billion-per-year business to something considerably larger. But there are risks. Its longtime CEO recently departed, and the company's financial position will almost certainly require it to either issue significantly more stock or raise debt.

Many more EV start-ups have failed over time than succeeded, but when it comes to copying Tesla's playbook for growth, Lucid is doing everything right. It's a swing-for-the-fences type of investment, but one that could help your portfolio grow immensely over time. Just prepare for volatility along the way, and diversify your investments with other promising long-term stocks.