Finding stocks that are poised to pop or even double in a matter of months is no easy task. If it was, we'd all be retired by now. That's why it's generally a better strategy to find strong companies poised for long-term growth that you can buy stock in and hold long-term to get the gains you desire.

When looking for those growth stocks with the potential to double your money over the long term, it can help to look in industries that are demonstrating outsized growth potential. The electric vehicle (EV) industry, for instance, continues to gain traction, even if the growth in individual stocks has been somewhat uneven. There are two beaten-down EV stocks with plenty of expected upside just waiting for a catalyst to speed them ahead.

Here's how both Rivian (RIVN 6.10%) and Fisker (FSRN -12.70%) could soar in 2024.

1. Rivian: A dark horse no longer

It wasn't long ago when Rivian was considered a fairly risky EV stock to invest in. The company was having production issues and burning through cash at an alarming rate. Its stock price suffered as a result.

But Rivian has worked through many of its production bottlenecks, and it finished 2023 with 57,232 vehicles produced and deliveries topping 50,122. In the fourth quarter alone, the EV manufacturer produced 17,541 vehicles and is seeing growth momentum as it kicks off 2024. Rivian just signed a second commercial customer, AT&T, to buy an undisclosed number of its delivery vans that were previously sold exclusively to Amazon.

Investors should hope for further acceleration in production and deliveries with no bottlenecks and possible additional electric delivery van customers coming on board. There should also be optimism about the company's future when it breaks ground shortly at its Georgia factory, which will produce its next-generation R2 vehicles.

In addition, Rivian's newly launched leasing program could help consumers purchase a high-priced R1S or R1T vehicle. The leasing program is a signal from management that the company is confident in its production acceleration. It could also unlock incremental demand as leasing rates skyrocket for higher-priced vehicles, compared to entry-level trims and vehicles.

This is also the year in which management predicts the company will turn gross profit positive. If it can execute on that target, along with breaking ground on its new factory and accelerating production, the beaten-down stock could soar.

Rivian rolled into 2024 with momentum driven by its production acceleration, but the company has several potential catalysts that could send the stock soaring in 2024.

2. Fisker: Potential rebound

Beaten-down stocks come with risk. That's no different for Fisker, which is facing some investor criticism for its financial reporting and decision to cut production in 2023 to unlock $300 million in working capital and improve liquidity.

While 2023 was a bumpy road for the young EV maker, it ended the year with positive news when it announced EV deliveries jumped over 300% from the third quarter to the fourth quarter. But one glance at the figures will show you where the potential upside could come from.

Fisker produced 10,142 Ocean SUVs in 2023 and delivered roughly 4,700 units. That's a big gap between production and deliveries, when compared to another young EV maker such as Rivian, which delivered 50,122 units on production of 57,232 vehicles in 2023. Fisker has to narrow its big percentage gap between production and deliveries, which would quickly boost revenue.

It's a challenge. Fisker's management has openly admitted that its delivery infrastructure needs to be further developed. If management can execute a strategy to quickly develop its delivery infrastructure in high-volume markets, it would make a big difference in narrowing the gap between production and deliveries. It would also generate much-needed revenue for a company with financial questions surrounding it.

The good news is that Fisker believes it can do just that with its new dealership strategy. The company made a surprise announcement recently when it said it expects to have roughly 100 dealer locations in both Europe and North America. The approach should quickly expand company sales and deliveries and could be key to unlocking investor optimism for owning the stock.

Savvy investors would be wise to track the gap between production and deliveries during the first half of 2024. If the gap narrows significantly as production continues to accelerate, the stock price would likely surge.

Looking for upside?

The U.S. EV market is growing and gaining traction, but that growth has not been without a few hiccups. The pace of growth slowed recently along with the uncertain economy and a drop in gas prices. Many young EV companies are facing headwinds related to price wars and cash crunches, so it's reasonable for investors to be skeptical and cautious.

That said, both Rivian and Fisker have plenty of upside opportunities and potential catalysts to drive stronger production, deliveries, and financial performance throughout 2024. If they capitalize on these opportunities, it will most likely be reflected in a much higher stock price.