Electric vehicle (EV) demand continues to rise markedly. Last year, nearly 1 in 5 vehicles sold globally was electric. In the U.S., EV sales are expected to pop by almost 20% this year.

Most investors are familiar with . The company sold 1.8 million vehicles last year and has a $568 billion market capitalization. But there are some smaller EV stocks with significantly cheaper valuations that you should be paying attention to. They're not without risk, but if their vehicle sales take off like Tesla's did, there could be significant upside potential for both stocks.

When Rivian Automotive (NASDAQ: RIVN) went public in 2021, the market loved the stock. At the time, most companies related to a low-carbon future were seeing their valuations soar.

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Source Fool.com