There's no doubt that investors can make millions of dollars by investing in electric car stocks. Just ask long-term holders of Tesla (NASDAQ: TSLA). Despite heavy ups and downs over the years, shares are up by more than 22,000% since 2010.

Looking for the next Tesla? The two EV stocks below are for you.

This EV maker should double its sales in 2025

If you're looking for EV stocks with huge growth potential, start with Lucid Group (LCID -2.15%). Compared to the other stocks on this list, Lucid is growing the fastest today, and there's reason to believe high growth could be achievable for several more years to come.

Last year, Lucid only had one EV on the market: The Lucid Air. This model came in several variants, but all essentially came down to a luxury electric sedan priced between $70,000 and $250,000, depending on options. The Air was an impressive initial vehicle for Lucid, helping grow the company's sales to nearly $1 billion. But the Lucid Air had severe limitations. Its high cost priced out most of the market, while its sedan form factor deterred anyone looking for something roomier, like an SUV.

Earlier this year, Lucid solved half of that challenge with the launch of its Gravity SUV platform -- essentially doubling its lineup. Analysts expect sales to grow by 82% this year, and another 91% next year, due to demand for Lucid's SUV platform. But with a start price of nearly $100,000, the Gravity still prevents Lucid from tapping the mass market. That could all change in 2026, however, when the company expects to launch several new vehicles, all priced under $50,000.

There's a lot of risk to this story. Ramping production of several new models over the next 12 to 24 months will put a strain on Lucid's already constrained financial position. When it comes to raw growth potential, Lucid tops the list of "next Tesla" candidates. But for balancing growth and value, the next stock is actually my favorite right now.

RIVN PS Ratio data by YCharts. PS = price-to-sales.

My favorite electric car stock this decade

Despite Lucid's rapid expected growth rates in 2025, Rivian (RIVN 2.71%) remains my top electric vehicle stock this decade. This story is a bit more complicated, but if you dig in, it's clear that Rivian shares provide a huge opportunity for patient shareholders.

Like Lucid, Rivian only has two luxury models on the market, with high initial price points: The R1S and the R1T. But in roughly 12 months, the company expects to start production on three new affordable vehicles -- the R2, R3, and R3X. By all accounts, Rivian is further along in getting its lower-priced vehicles to market than Lucid. Plus, the company has billions in additional cash with a current sales base more than five times that of Lucid. So which company is more likely to see its new affordable models get to market? I believe Rivian is better positioned.

Right now, Rivian's valuation is far below Lucid's, largely due to lackluster expected sales growth this year. But when you look beyond the next 12 months, I expect these growth rates to pick up considerably when its new models hit the roads. While more patience will be required for Rivian, this business has the best long-term growth potential at a reasonable valuation today.