Originally posted on fool.com

These companies are building the future.

For some investors, it’s not enough to put all their money in an index fund and watch and wait as it generates a good (roughly average) return. These investors are looking for above-average returns from just one company (or a couple of companies) that they hope will be enough to measurably improve their financial situation in retirement.

Most investors should strive to have a well-balanced and diverse portfolio, but almost every investment strategy can also benefit from incorporating a handful of well-chosen growth stocks. The trick, of course, is finding the right growth stocks to invest in.

Here are two promising growth stocks you could buy now and comfortably hold for the next 20 years.

1. Tesla

Tesla (TSLA -7.74%) was one of the best-performing stocks over the past decade — it has climbed by about 15,300% since its 2010 initial public offering. While the shares have been range-bound for the last few years, there are still opportunities ahead for the company that could fuel more returns.

CEO Elon Musk doesn’t see Tesla as strictly an electric car manufacturer — he also (and perhaps more importantly) sees it as an artificial intelligence (AI) company. The EV market is projected to grow in the years to come, and Tesla should grow its automotive revenue along with it. However, Musk’s vision for the company is much bigger.

Tesla has spent years investing in its Dojo supercomputer, which serves as the AI backbone for the company’s developments in self-driving cars, robotics, and more. The company also is making headway toward the rollout of its Optimus humanoid robot, which is designed to be able to perform a wide array of repetitive tasks. It’s still a work in progress, but Musk has said the robot has the potential to exceed the value of any other product at Tesla.

Tesla generated $78 billion in automotive revenue over the last year, but the value of the AI-powered transportation market alone is projected to reach $2.2 trillion by 2030, according to Statista. That reflects a huge opportunity for Tesla’s robotaxi initiative.

Tesla offers investors a lot of upside optionality across EVs and other AI-related products. Musk has had several successes with his business endeavors over the years (as well as his shares of failures) and he is one of the richest people in the world as a result.  Investors can invest in Tesla and tag along with his future plans for what could become the most valuable company in the world one day.

2. Archer Aviation

Another forward-thinking company with enormous potential is Archer Aviation (ACHR 4.50%). It is laying the groundwork to expand urban short-hop air travel in the U.S. and abroad — a market that is projected to explode.

Major cities have growing needs that urban air travel can help them address, such as decreasing traffic on congested highways and decreasing travel time between urban destinations, especially to underserved areas. Moreover, the development of electric propulsion systems is providing cities with new options for reducing air pollution, and this is a huge opportunity for Archer.

Archer is not generating revenue yet, as it is still in the process of gaining FAA certifications for its electric vertical take-off and landing (eVTOL) aircraft, the Midnight, but it’s already delivered its first aircraft to the U.S. Air Force and is seeing strong interest from customers around the world. It recently received an order for a planned purchase of 116 aircraft from Future Flight Global, which added to Archer’s $6 billion order book.

Archer already has plans to launch eVTOL travel networks in Los Angeles and San Francisco. It also has a partnership with Southwest Airlines to develop an air taxi service using the Midnight.

The urban air mobility market was valued at $2.5 billion in 2022, according to Grand View Research, but is projected to grow at a 34% annualized rate through 2030. With Archer’s market cap at just $1 billion, investors could see phenomenal returns over the next 20 years.

Should you invest $1,000 in Tesla right now?

Before you buy stock in Tesla, consider this:

Tesla just keeps blasting HIGHER.

It’s why this trader is now convinced we’re at the BEGINNING of another epic rally.

He first called Tesla at $37… and now he’s predicting another explosive run.

Go here to see what he’s telling everyone to do right now.

If you wait until tomorrow, it might be too late.