The electric vehicle (EV) industry is just getting started and EV stocks are here to thrive. There was a time when EV was a new concept with only a few producers in the market, but over the past few years, everything about the industry has changed — and how! 

There is a surge in demand for EVs as various governments are trying to do their part to combat climate change. Additionally, with a growing awareness amongst consumers, there is a significant rise in market penetration and buyers that are more open to investing in an EV. It is now time to look beyond Tesla (NASDAQ:TSLA) and consider other players who are stepping up their game, and have reported impressive delivery numbers in the past. 

Let’s take a look at three electric vehicle companies giving solid competition to Tesla. These companies could dominate the industry over the next few years and these three EV stocks should be on your watchlist. 

Rivian (RIVN)

At the top of my list is Rivian (NASDAQ:RIVN). The company currently manufactures pickup trucks and SUVs, but it is in the early stages yet. Rivian did not enter the market at a very good time, and this meant the company had to deal with a lot of supply chain issues. 

This has had an impact on its stock price. RIVN stock was once trading over $100, but it is down to under $30 today. However, I am certain Rivian could give solid competition to Tesla in the SUV segment in the coming years. It is burning cash heavily and is aiming to lower the cost of production in the near future.

In the recent quarter, it saw a 67% increase in production from Q2 and this is nothing but impressive. It produced 7,363 vehicles and confirmed that it is on track for its 2022 goal to deliver 25,000 vehicles. Rivian has a strong growth prospect in the SUV segment and could become a leader in the next five years. The current dip is a solid buying opportunity because, with a market correction, RIVN stock could rise. 

Volvo (VLVLY)

Sweden-based EV maker, Volvo (OTCMKTS:VLVLY) is popular across the globe. The company has gained recognition for its exceptional automobiles, and its focus on the EV sector goes beyond passenger vehicles. It also produces buses, construction equipment, and trucks which will help build a solid position in the near term.

I believe the diversification will help Volvo gain an edge over Tesla. Volvo is an already established and renowned brand that has launched the cheapest luxury EVs in India, targeting the Asian market where electric vehicles are fairly new and the growth opportunity is massive. It also recently announced the supply of 20 fully electric trucks to Amazon in Germany, while also increasing the production of these electric trucks for inter-city and regional use. This company has impressive fundamentals and a lot of room to invest in research and growth. 

Another interesting aspect of Volvo is its new business area — Volvo Energy. It will help the company solidify its position in the market for the batteries used in EVs. Volvo is one of the electric vehicle stocks you should not ignore. 

Nio (NIO)

A Chinese EV stock I have always been bullish on, Nio (NYSE:NIO), has immense potential, but if you only focus on its current performance, you might not be happy. However, it is worthy of being on this list and is one EV maker that Tesla should fear. Nio has had some of its best days in the past year and from then on has been considered to be a solid Tesla competitor. 

The company is struggling currently due to the lockdowns and regulatory policies put in place by the Chinese government. It might take a while for NIO stock to bounce back from this, but as long as the company keeps going and continues to deliver, it has ample room to grow.

Nio reported high delivery numbers for the past month and hit 14,178 vehicles, a 41% rise from the previous month. The company has an advantage over its competitors due to its efforts in international expansion. It has already built a presence across Europe and is making moves to solidify it via innovations in battery swapping programs. 

On the date of publication, Vandita Jadeja 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.