Here's the brutal truth: Simply producing electric vehicles (EVs) won't make a company the next -- which traded at sky-high valuations for years. Investors found that out the hard way as many EV stocks plunged over the last year or two.

With many EV stocks trading relatively cheaply versus historical levels, investors have a great opportunity to scoop up shares for the long haul. Here's one EV stock to double down on, and one to avoid.

Rivian (NASDAQ: RIVN) executives have their hands full trying to simultaneously accelerate vehicle production while vastly improving the company's cost structure to slow down its cash burn. The good news for investors is that the company is making progress on both objectives, and it has a cash stockpile of roughly $12 billion, which should be sufficient to take it well down the road.

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Source Fool.com