2 Monster EV Stocks to Buy and Hold for the Next 5 Years

There are several exciting electric vehicle (EV) stocks to choose from right now, all of which are chasing multitrillion-dollar opportunities. One of the carmakers listed below should even benefit from the upcoming initial public offering (IPO), which is expected to raise up to $75 billion in fresh capital. But is either stock worth investing in now? Let's have a look.

Image source: Rivian.

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1. Rivian remains my top growth stock for 2026

At the start of the year, I named Rivian Automotive (NASDAQ: RIVN) my top growth stock for 2026. It has been a roller-coaster ride so far, with Rivian shares surging and collapsing in value several times. But volatility should be expected from growth stocks with monster potential. And all of Rivian's growth catalysts remain intact.

The first growth catalyst is the impending launch of Rivian's first affordable vehicle, its R2 SUV. This is Rivian's first vehicle priced under $50,000 -- a price threshold that most prospective car buyers want to stay below. Rivian expects to launch two more affordable vehicles -- the R3 and R3X -- over the next 12 to 24 months.

The second growth catalyst involves the robotaxi market, which some experts believe will be a $10 trillion global opportunity. Rivian recently secured a $1.25 billion order from Uber Technologies to supply that company with 50,000 R2s. Uber doesn't manufacture its own vehicles, meaning that it must source vehicles for its robotaxi arm from other manufacturers. I suspect other robotaxi operators will follow Uber's lead by placing large orders with Rivian.

Rivian isn't as well-positioned to dominate the robotaxi market as the next stock on this list. But its relatively small market value gives it an attractive risk-]reward potential.

2. Expect the SpaceX IPO to benefit Tesla

Tesla (NASDAQ: TSLA) doesn't have as much raw upside potential as Rivian given its $1.3 trillion valuation. But the company is no doubt in the driver's seat when targeting huge markets like robotaxis, which could become a $10 trillion global opportunity. Tesla has been working on its self-driving technology for years. But experts have little doubt that advances in AI are accelerating self-driving capabilities faster than ever before.

AI innovation, however, is expensive -- which gives Tesla a unique advantage. The company's giant market capitalization and influential CEO grant it unparalled access to capital. Already, the company has invested $2 billion into xAI, Elon Musk's AI start-up. The company is dedicating much of its $25 billion capex plan to AI and self-driving tech -- an amount that is greater than Rivian's entire market cap.

Tesla is already operating a pilot version of its robotaxi service in several key metro areas. And while Musk has provided overly optimistic growth targets in the past, it seems likely that the service will expand aggressively over the coming years. Some analysts, like Wedbush's Dan Ives, believes that robotaxis alone will add $1 trillion to Tesla's market value.

This year, SpaceX is expected to go public, raising up to $75 billion in new capital. Expect billions of dollars to be invested in xAI, which SpaceX merged with earlier this year. More money for xAI means more aggressive AI development, a direct benefit from Tesla's self-driving ambitions given it partially owns xAI.

Tesla's robotaxi vision won't be realized overnight. And the company's market cap already reflects much of the growth potential. But the next five years will be, perhaps, the most exciting in company history. Rivian has more raw upside potential. But Tesla is the safer bet given its existing scale and aggressive investments.

Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.