Every investor wants to find the next Tesla (NASDAQ: TSLA). That's easier said than done. Since going public, Tesla's share price has increased by more than 27,000%. The business is currently worth more than $1 trillion, and patient investors who have held on through the volatility have made a fortune. But while Tesla shares were soaring, many more EV makers went bankrupt, including once-promising companies like Fisker Inc. and Lordstown Motors.

If you want to find the next Tesla, you'll need to find an EV stock with certain characteristics. Right now, one electric car company is showing all the right signs.

This is the playbook for EV growth

In August of 2006, Elon Musk laid out his "Master Plan" for Tesla's long-term growth. "As you know, the initial product of Tesla Motors is a high-performance electric sports car called the Tesla Roadster," Musk explained in his letter. "However, some readers may not be aware of the fact that our long-term plan is to build a wide range of models, including affordably priced family cars."

Today, it seems obvious that Tesla has expanded its lineup from a single luxury sports car to a wide variety of both luxury and mass-market vehicles. But in 2006, things weren't so obvious. Electric cars were still incredibly niche, purchased and owned by the rich for reasons that didn't quite resonate with the millions of everyday car buyers. This paradigm is exactly what Musk was trying to dispel with his letter to investors.

"Are we really in need of another high-performance sports car?" Musk rhetorically asks in the letter. Of course not. But the point was that Tesla would use this success at the luxury level to gain reputation and attention, which it could then leverage to build more affordable vehicles that are purchased by the masses. Thus, he laid out his "Master Plan" in three simple bulleted points:

1. Build sports car.
2. Use that money to build an affordable car.
3. Use that money to build an even more affordable car.

Tesla executed this master plan flawlessly. And right now, one EV maker is attempting to replicate its success.

Lucid Group might be the next Tesla

While most investors have heard of Tesla, many are still unaware of Lucid Group (LCID -7.55%). That makes sense, given that Lucid's valuation is 99% lower than Tesla's. But when it comes to the nuts and bolts of replicating Tesla's master plan for growth, Lucid is right on track.

Last year, the company only had one luxury model: the Lucid Air sedan, which, with certain options, can cost upwards of $100,000. This car is similar to Tesla's Model S, which sits at the higher end of the market. But just recently, the company also started shipping its Gravity SUV platform to customers, a vehicle similar to Tesla's Model X. While also sitting at the top of the market in terms of price and luxury, Lucid is rapidly expanding its lineup. Analysts expect revenue to more than double in 2025.

Better yet, just like Tesla, Lucid plans on using its momentum to then launch several mass-market vehicles at price points affordable to millions of car buyers. Production on these vehicles is set to begin in 2026, with price points that are under $50,000 -- very similar to Tesla's Model Y and Model 3 vehicles.

Can Lucid replicate Tesla's growth? There's a long way to go, including some critical funding and manufacturing milestones yet to be reached. But it's putting all of the right pieces in place. If you're looking for the next Tesla, Lucid Group stock looks like a great option for risk-tolerant growth investors.