The world of EV stocks continues to evolve. Once a one or two-pony show, there are many more electric vehicle producers out there than many investors think. Looking beyond industry-leading Tesla (NASDAQ:TSLA), there are a number of other competitors stepping up their game with new offerings that are enticing users across a broader spectrum.

That’s a good thing, considering how quickly the EV market is growing. With people becoming more aware of their carbon footprint, EV sales have continued to increase. As a result, market penetration has also picked up. More people in Asian countries, for example, are now open to buying an EV. In our domestic economy, even pickup truck owners are starting to switch over. It’s a whole new world.

Many traditional automakers have stepped up their focus on transitioning to becoming EV stocks. Some are included in this list.

With that said, there are plenty of other pure-play EV stocks I think are worth considering as well. As mentioned, there are many choices for investors to consider in this high-growth market.

For those looking past Tesla, here are seven stocks I think could not only compete, but potentially dominate, over the next five years.

Rivian (RIVN)

First on this list of EV stocks to buy is Rivian (NASDAQ:RIVN). A California-based pure-play EV producer, Rivian focuses on manufacturing the highest-quality SUVs and pickup trucks to target adventure-seekers.

While still in its early stages of development, Rivian has seen impressive traction. Like Tesla a decade ago, Rivian is struggling with production headwinds. Indeed, coming to market during one of the most difficult periods of time in terms of supply chains hasn’t helped the company’s stock price recently.

That said, the company could go head-to-head with Tesla in the SUV and light-duty truck space over the next five years. The company is investing heavily in ramping up production to meet what’s expected to be demanded for the next five years.

This production ramp has resulted in a heavy cash burn rate. Thus, Rivian has been focusing on coming up with ways to lower production costs to offset that on their balance sheet. The company produced only 4,401 vehicles in Q2. In Q3, this number ramped to 7,363, a 67% increase from last year’s same quarter.

I expect that over time, Rivian will continue to grow its market share and compete head on with industry leaders in its core segments. For those bullish on the long-term prospects for SUVs and trucks, this is among the leaders to consider right now.

XPeng (XPEV)

Generally-speaking, most Chinese EV stocks have been hit very hard by the Chinese government. Indeed, XPeng (NYSE:XPEV) isn’t exempt from this discussion. Various restrictions have made Chinese stocks seemingly uninvestable for U.S. investors, for good reason. That said, I think this Chinese EV maker could be worth a look.

Why?

Well, XPeng’s brand is among the most coveted in China. The Chinese market alone is the fastest-growing and largest EV market in the world.

The company is also highly ambitious about growing internationally. With its cost-effective production, XPeng has the potential to achieve its dream. Europe is one market the XPeng is eyeing for growth. While this might seem complicated and unlikely, it is not unrealistic. In fact, XPeng’s popularity could extend beyond China’s borders at a more rapid pace than many think.

XPeng has already built a considerable market for itself in Norway, so it can very well execute the same in Europe. Moreover, demand is gradually rising in Europe, paving the way for XPeng. The European government has proven to be supportive of international companies vying for market share, making XPeng’s prospects more certain. And let’s not forget that Covid regulations are more lenient in Europe and the UK.

Another aspect that is working in XPeng’s favor is its high-end driver assistance technology. This is a company working on autonomous driving, and may actually beat Tesla to the punch. For those bullish on AI-powered driving boosting valuations in the sector, XPEV stock is worth a look.

Volvo (VLVLY)

Swedish EV manufacturer Volvo (OTCMKTS:VLVLY) has already established a high-end automotive brand name for itself. Additionally, Polestar (NASDAQ:PSNY), acquired by Volvo in 2015, is a lesser-known EV maker that’s already seeing impressive global demand.

Volvo is backed by some of the best fundamentals out there. This provides the company with more room to invest in its growth, and that’s precisely what it is currently doing.

Volvo recently tied up with Pilot, a truck stop chain in North America. The two companies have come together to aid an environmental cause. With this partnership, Volvo will produce high-end fast-charging networks around the U.S. These pit stops will charge all EV class 8 truck brands. Accordingly, Volvo is encouraging people to buy more medium-sized trucks. Pilot operates over 750 stations across North America, and Volvo will be helping them to identify which ones will be best for this new program.

Volvo, as mentioned earlier, is a globally-renowned brand. This means that the company has already entered markets that others find impalpable. Moreover, Volvo has launched one of the cheapest luxury EVs in India, proving that it has a better grip on the Asian market than many other European brands right now.

Polestar Automotive (PSNY)

A company I think could really rival Tesla in the premium EV segment is Polestar Automotive. This Swedish-based company is backed by some big names in the car world (think Geely (OTCMKTS:GELYF) and the aforementioned Volvo).

Polestar is one of the most attractive options for premium EV users. For investors, the same is true.

Indeed, what makes this stock so attractive is its reported fundamentals, including its gross profit, after going public. On the top-line, Polestar saw a year-over-year revenue surge of 105%. That’s impressive, compared to the growth rates of nearly any other major EV maker. Additionally, with $4 million in gross profit, the company is actually operationally profitable. As Polestar achieves more scale, these numbers should balloon from here.

These strong financial results should allow the company to invest in its technology, as well as newer models. The company is expected to launch several SUV models to meet rising demand. These new models will help the company cater to a broader client range, and capture more of the overall market moving forward.

General Motors (GM)

Next on our list of EV stocks to buy is a company many may not have associated with the electric vehicle revolution. A maker of many internal combustion engine models, General Motors (NYSE:GM) is often considered to be one of the “old guard” that isn’t worth its weight in this space.

It’s true that GM has been slow to jump on the EV bandwagon. However, the company is certainly making up for the lost time. Although its market share is not as large as Ford (NYSE:F) or Tesla, GM is likely to do exceptionally well for itself.

Indeed, the company plans on building more than 400,000 units in the U.S. alone by the end of 2024. The company also predicts that this number will hit 1 million by 2025. In case you are wondering, GM is on track with its current year estimate to sell 44,000 models in 2022.

Because General Motors deals with conventional car types, it has a larger market to cater to. With inflation on the rise in 2023 and 2024, this might be the time to invest in a company like GM, with the ability to manage inflation through its various business lines. That said, the company is also exploring other sectors like energy as a way to diversify its offerings.

Those who follow me know I am incredibly bullish on the energy sector. GM’s focus on integrating public charging stations into its revenue mix is bullish as well. For those with range anxiety concerns, GM is the latest company to tackle this issue head on.

As far as old-school automakers turned EV stocks are concerned, GM is an intriguing option.

Ford (F)

Another more traditional automakers I’m focusing on as a Tesla competitor is Ford. Like GM, the company has a massive footprint in the U.S. market, one of the longest-running auto makers in the world.

The strength of Ford’s brand and reach is notable. This is the key catalyst that I think can assist the company in its transition toward electric vehicles.

Known for the company’s F-150 pickup truck, Ford has made waves with its new F-150 Lightning EV model. This model has seen incredible demand, leading to impressive targets set by Ford’s management team.

The company plans to produce and sell more than 600,000 EVs in 2023 alone. Ford also plans to manufacture more than 2 million electric vehicles annually by 2026. These projections are orders of a magnitude larger than GM’s, suggesting Ford’s ability to thrive may be even greater.

This is a company that’s been in more difficult financial straits of late. The company has had to pay an additional $1 billion in supplier costs in the current quarter due to supply chain issues. However, as supply chains even out, I expect Ford to be well-positioned to grow in the EV segment moving forward.

Nio (NIO)

Nio (NYSE:NIO) happens to be another Chinese EV stock I am bullish on. Considering how this stock has performed, one may not necessarily think Nio is worthy of being on this list. Its year-to-date performance has been abysmal.

That said, during the glory days of 2021, NIO stock was one of the best-performing EV stocks in the world. The company was thought then to be a real competitor to Tesla.

So, what’s changed?

Well, many of the same geopolitical headwinds rival XPeng is battling apply to Nio. The Chinese government has stifled growth with its various regulatory policies. Until these change, this stock may see muted valuation upside from here.

That said, as long as the company continues to grow its brand in China, Nio stands to become a leading brand in what is the world’s largest EV market. International expansion isn’t out of the question either, with the company putting forth plans to expand in the European market.

Thus, for those thinking very long term, Nio is a company to keep on the buy list here.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.