Good news for investors who have been waiting for a surge in electric vehicle (EV) sales: The EV boom is here. According to CleanTechnica, roughly 5.7% of U.S. car sales were fully electric in 2022 -- and that has already quickly increased at the beginning of 2023. In fact, during the first quarter of 2023 EV share hit 7.2%, and if the U.S. market follows trends of previous markets to hit this tipping point, EVs could own a 25% market share by mid-decade.

With the EV boom gaining traction, and quickly, here are two stocks poised to benefit long-term investors.

An excellent upstart EV maker

Rivian Automotive (RIVN -3.54%), a relative newcomer to the EV manufacturing race, has a number of things going for it as it tries to convince investors it could be the next great EV stock. Three things are key for Rivian to prove it's a worthy investment: production, liquidity, and narrowing losses.

The EV manufacturer's production was slow to start 2023 due to retooling its electric delivery van (EDV) assembly line, but management confirmed it still expects to reach 50,000 in production units for the full year, which will be a 100% increase compared to 2022.

Liquidity and cash burn are often buzzwords attached to young companies, and Rivian is no different. While Rivian is still burning through cash at a rapid rate -- about $1.5 billion during just the first quarter of 2023 -- it also boasted $12 billion of cash and cash equivalents as of the end of that period.

Securing a strong balance sheet and liquidity is important for a young company to navigate uncertain industry and economic conditions, and gives the company time and resources to reach production scale. Rivian checks this box for investors. Further, over half of the company's debt maturity extends to 2028, well beyond the anticipated launch of its R2 vehicle in 2026.

Rivian also narrowed its losses during the first quarter. It posted a net loss of $1.4 billion, which was down from the prior year's first quarter of $1.6 billion and sequentially better than the fourth-quarter net loss of $1.7 billion. Part of the improved net loss was due to Rivian's company-wide cost transformation program, which optimized spending across materials, labor, overhead, and logistics, among other areas.

Rivian's R1T and R1S models also earned the highest safety rating from the Insurance Institute for Highway Safety; the R1S was the only large SUV, and the R1T the only electric truck, to achieve the honor in 2023. In other words, Rivian is producing high-quality electric vehicles, accelerating production, narrowing losses, and has plenty of liquidity to reach scale in the years ahead. Put simply, Rivian is well-positioned for the boom in EV sales.

Overlooked EV stock

EV makers such as Rivian are fairly visible for investors, considering their products are on the roads today. But Aptiv (APTV 0.63%) is a much different, and more complex, investment opportunity.

Rather than develop autonomous vehicles or electric vehicles, Aptiv instead develops products and technology solutions that go into many of those vehicles. Essentially, if a product or technology makes a vehicle safer, cleaner, more autonomous, more connected, or electrified, Aptiv might have a hand in it.

While you may have not heard of Aptiv, it's become a crucial partner for companies you very likely have heard of before. It has a long list of major global manufacturing customers: General Motors and Stellantis both generated 9% of Aptiv sales in 2022, while Ford Motor and Volkswagen accounted for 8% each. Tesla accounted for another 5%. 

For investors, it's fair to question whether having customers generate such a large percentage of sales is a good thing, or a big risk. However, Aptiv has proven over the years it's an important partner and as long as it continues to innovate and develop important solutions, these customers likely aren't going anywhere anytime soon.

For manufacturers that are focused on building out their electrified or autonomous fleets, Aptiv is and will continue to be a critical partner. For that reason alone, Aptiv is certainly well-positioned to thrive during the EV boom, regardless of which manufacturer ends up on top of the EV sales mountain. 

The bottom line

The EV boom is here, and it's unlikely to slow down in the years ahead. Whether you're an investor hoping to find the next Tesla-like manufacturer or a company poised to thrive regardless of which manufacturers end up succeeding, both of the above stocks provide opportunity for plenty of growth over the next decade.