Tesla (TSLA -1.44%) has been a life-changing winner for some investors. EVs are changing the auto industry permanently. But history tells us investors chasing the next Tesla are probably making a big mistake that will cost them. In this video, Motley Fool contributor Jason Hall breaks down why chasing the next Tesla -- just like chasing the next Meta PlatformsNetflix, or Starbucks -- didn't lead to big returns. Also discussed: Rivian (RIVN 0.50%)Lucid Group (LCID 2.60%)Nio (NIO -5.29%), and Canoo (GOEV -50.00%)

*Stock prices used were from the afternoon of April 24, 2023. The video was published on April 25, 2023.