The electric vehicle (EV) market cooled off, especially in the U.S., over the past few years. That slowdown — along with higher interest rates, increased competition, and reduced government subsidies — chilled the industry and deflated the valuations of many high-flying EV stocks.
But according to Grand View Research, the global EV market could still expand at a 32.5% CAGR from 2025 to 2030. If you want to profit from that secular trend and can stomach the near-term volatility, you should check out these two growing EV stocks that are still trading at dirt cheap valuations: Rivian (NASDAQ: RIVN) and Nio (NYSE: NIO).
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Rivian sells four EVs: the R1T pickup, R1S SUV, R2 SUV, and electric delivery vans (EDVs) for Amazon and other companies. Rivian expects the R2, which is cheaper than the R1T and R1S, to reach a broader market and help it stand out in the crowded EV market.
Rivian has been off to a rocky start since its public debut in late 2021. It more than doubled its annual production from 24,337 vehicles in 2022 to 57,232 vehicles in 2023, but that figure slipped to 49,476 in 2024 and to 42,284 in 2025. It struggled with supply chain constraints and intense competition from other premium EV makers.
However, Rivian expects the R2 to significantly boost its sales and margins over the next few years. It’s cheaper to build than the R1T and R1S, thanks to fewer components, simpler wiring, larger castings, and a more cost-efficient battery design. It also aims to triple its total production by 2028 as it upgrades its main Illinois plant and opens its new Georgia plant. Looking further ahead, Rivian plans to launch its next high-end SUV, the R3, in late 2026 or early 2027.
From 2025 to 2028, analysts expect Rivian’s revenue to rise at a 45% CAGR. They also expect its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to turn positive by the final year. With an enterprise value of $20.8 billion, Rivian trades at just 3 times this year’s sales. By comparison, Tesla trades at 14 times this year’s sales.
Nio, one of China’s leading EV makers, sells a wide range of electric sedans and SUVs. Its newer Onvo and Firefly sub-brands sell cheaper SUVs and compact cars, respectively. It differentiates itself from its competitors with swappable batteries, which can be quickly replaced across its network of battery-swapping stations as a faster alternative to traditional chargers. It’s also been expanding in Europe to reduce its dependence on the crowded Chinese market.
