2 EV Stocks That Are Too Cheap to Ignore Right Now

By Leo Sun – Apr 2, 2026 at 1:35PM ESTKey PointsRivian’s R2 SUV could mark a turning point for the fledgling EV maker.Nio is growing rapidly as it expands domestically and overseas.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 (RIVN +3.08%) and Nio (NIO +0.97%). Image source: Rivian. Rivian 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. ExpandNASDAQ: RIVNRivian AutomotiveToday's Change(3.08%) $0.46Current Price$15.40Key Data PointsMarket Cap$19BDay's Range$14.62 - $15.4852wk Range$10.36 - $22.69Volume629KAvg Vol31MGross Margin-276.59% 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 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. ExpandNYSE: NIONioToday's Change(0.97%) $0.06Current Price$6.26Key Data PointsMarket Cap$13BDay's Range$5.97 - $6.2752wk Range$3.02 - $8.02Volume23MAvg Vol46MGross Margin13.66% Nio went public in 2018, but it still trades below its IPO price of $6.26 per ADR. With an enterprise value of 115.8 billion yuan ($16.9 billion), it trades at less than one times this year's sales. Yet from 2019 (its first full year of deliveries) to 2025, its annual vehicle deliveries surged from 20,565 to 326,028. During those five years, its revenue grew at a 40% CAGR. Nio grew like a weed, but the trade war between the U.S. and China, the pricing war in China's EV market, and other macro headwinds drove the bulls away. However, Nio is still growing faster than many other EV makers. Its namesake EVs are gaining ground in the premium market, its cheaper Onvo and Firefly vehicles are attracting budget-conscious shoppers, and it's ramping up its shipments and expanding its battery-swapping networks in Europe. From 2025 to 2027, analysts expect Nio's revenue to grow at a 31% CAGR. They also expect its adjusted EBITDA to turn positive in 2026 and rise 26% in 2027. Therefore, this oft-overlooked EV stock could skyrocket as growth-oriented investors pay more attention.Read NextApr 2, 2026 •By Daniel MillerWhen Will Rivian Turn a Big Disappointment Into Big Business?Mar 31, 2026 •By Ryan VanzoRivian Stock Is Cheap, but Does That Make It a Buy Now?Mar 31, 2026 •By Scott LevineBest Electric Vehicle (EV) Stocks to Buy in 2026Mar 26, 2026 •By Patrick SandersTesla vs. Rivian: Which EV Maker's Stock Is the Better Buy?Mar 25, 2026 •By Jack DelaneyIs Rivian a Buy Now?Mar 24, 2026 •By John RosevearIs Rivian's $1.25 Billion Robotaxi Deal With Uber Really a Good One for Shareholders?About the AuthorLeo Sun is a contributing Motley Fool stock market analyst who has worked with the company since 2013, covering technology, consumer goods, industrial, and financial sectors. He became a self-made millionaire by age 40 through long-term investing, crediting lessons from Warren Buffett and Peter Lynch. Leo is a regular guest on CNBC Asia providing stock analysis on Chinese technology companies, including Tencent, Baidu, and Alibaba. He previously wrote for InvestorGuide and holds a bachelor’s degree in English from the University of Texas at Austin.TMFSunLionX@TMFSunLionStocks MentionedRivian AutomotiveNASDAQ: RIVN$15.40(+3.08%)+$0.46TeslaNASDAQ: TSLA$360.67(-5.40%)-$20.59AmazonNASDAQ: AMZN$209.28(-0.61%)-$1.29NioNYSE: NIO$6.26(+0.97%)+$0.06*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.