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<h2>Key Points</h2><ul><li>Lucid and Rivian are still loss-making, despite rising vehicle deliveries.</li><li>Tesla generated $94.8 billion in revenues and remained profitable in fiscal 2025.</li><li>Autonomy, recurring FSD subscriptions, and energy storage growth are key long-term catalysts for Tesla. </li><li>These 10 stocks could mint the next wave of millionaires ›</li></ul>Many electric vehicle (EV) companies promised to challenge the industry's established leaders. Lucid Group (NASDAQ: LCID) went public in July 2021 , before it had begun meaningful commercial vehicle deliveries. Yet investors were willing to value the company based mainly on its ambitious future production targets.The Amazon- and Ford-backed Rivian (NASDAQ: RIVN) also reached a market capitalization of $100 billion for a brief time after its November 2021 initial public offering. For a period, these companies were valued as if rapid scaling, expanding margins, and easy access to capital were assured.Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. Continue »<img alt="Two professionals discussing in an office meeting." src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODE3NC90d29fcHJvZmVzc2lvbmFsc19kaXNjdXNzaW5nX2luX2FfbWVldGluZ193aXRoX2xhcHRvcF9wbGFjZWRfYmVmb3JlX3RoZW0uanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODE3NC90d29fcHJvZmVzc2lvbmFsc19kaXNjdXNzaW5nX2luX2FfbWVldGluZ193aXRoX2xhcHRvcF9wbGFjZWRfYmVmb3JlX3RoZW0uanBnJnc9NzAw"/>
Image source: Getty Images.
However, the environment has changed in 2026. Lucid and Rivian stocks are under pressure.<h2>Growth without profitability</h2>Lucid delivered 15,841 vehicles in 2025, up roughly 55% year over year. The company expects to deliver 25,000 to 27,000 vehicles in 2026.Despite this growth trajectory, Lucid reported a net loss of $2.7 billion in fiscal 2025. It also generated negative free cash flow of around $3.8 billion in fiscal 2025, highlighting the heavy cash burn required to ramp up production capacity. Higher deliveries have not yet translated into positive free cash flows or sustainable margins.Rivian delivered 42,247 vehicles in fiscal 2025 and expects to deliver 62,000 to 67,000 cars in fiscal 2026.While the company achieved its first full year of positive gross profit, it has still posted a net loss of $3.6 billion and negative free cash flow of $2.5 billion for fiscal 2025. Management expects negative adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and capital expenditures in the range of $1.95 billion to $2.05 billion in fiscal 2026. Hence, while the company's operational progress is visible, Rivian is still highly loss-making.<h2>A better pick</h2>Instead of picking stakes in loss-making EV companies, investors can consider taking a position in EV giant Tesla (NASDAQ: TSLA).Tesla has both scale and financial strength. In fiscal 2025 , the company generated revenues of $94.8 billion and non-GAAP (adjusted) profit of roughly $5.8 billion, despite pricing pressure and a softer EV market. That profitability is helping drive Tesla's growth strategy.A key part of this strategy is autonomous driving. Management has highlighted plans to expand robotaxi operations into seven additional U.S. cities -- Dallas, Houston, Phoenix, Miami, Orlando, Tampa, and Las Vegas -- in the first half of 2026. If executed successfully, this rollout would expand the company's target addressable market while also positioning autonomy as a viable business at scale. In fact, Wolfe Research analyst Emmanuel Rosner expects Tesla's robotaxi business to reach $250 billion in revenues by 2035.Tesla currently offers its Full Self-Driving (FSD) software as a $99-per-month subscription service. This shift will add a recurring revenue stream and reduce the company's dependence on one-time upgrades. With 1.1 million paid FSD customers, Tesla is collecting real-world driving data from millions of vehicles, which further trains and strengthens its autonomous driving capabilities. Tesla CEO Elon Musk's compensation package also includes incentives for Tesla reaching 10 million active FSD subscriptions. This highlights the crucial role autonomy adoption plays in the company's future strategy.Tesla's energy segment is also proving to be a significant growth catalyst. The company deployed 46.7 gigawatt-hours of energy storage in fiscal 2025, up 48% year over year. The company's energy revenues were up nearly 27% year over year to $12.8 billion in fiscal 2025. With Tesla investing almost $200 million to expand production of its Megapack utility-scale energy storage product, the company stands to benefit from rising demand for large-scale energy storage across electricity grids and data centers.Beyond autonomy and energy storage, Tesla is designing its own artificial intelligence (AI) chips, building out its compute infrastructure, and expanding in-house training capabilities to support FSD development. The company is also integrating autonomy software directly into the vehicles. By reducing its reliance on third-party suppliers, the company can quickly upgrade its autonomous driving features to protect margins in a competitive pricing environment.Tesla is also advancing its Optimus humanoid robot program. Management has indicated that Optimus is designed to perform repetitive and labour-intensive tasks initially for the company's own factories. Over time, the company also sees it as a long-term revenue driver.Finally, Tesla is funding these initiatives primarily with its own profits and operating cash flows. Smaller EV players such as Lucid and Rivian depend on external funding, such as debt or equity dilution. That distinction matters in a capital-intensive industry where manufacturing scale, battery supply, and AI infrastructure require sustained investments.<h2>Valuation</h2>Tesla trades at 16.2 times sales, which is not cheap compared to traditional automakers. However, Tesla is not just a car manufacturer. Besides selling vehicles, the company also has a subscription-based software business and a rapidly growing energy storage business, and it stands to benefit from potential advances in its autonomy and robotics offerings.However, investors should also be aware of risks such as increasing regulatory scrutiny for autonomy, intensifying competitive pressures, and EV pricing dynamics. The company's high valuation multiple leaves little room for execution errors.Yet the combination of scale, profitability, recurring software revenues, energy growth, and AI investments differentiates Tesla from EV peers such as Lucid and Rivian.For investors who can ignore short-term volatility, Tesla remains a monster long-term EV leader.<h2>Don’t miss this second chance at a potentially lucrative opportunity</h2>
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*Stock Advisor returns as of March 6, 2026. Manali Pradhan, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Tesla. The Motley Fool has a disclosure policy.
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2 倍做多 TSLA ETF - T-Rex

納斯達克全球汽車指數 - First Trust

智慧交通科技 ETF - SmartETFs

特斯拉仍然是領先的電動汽車（EV）公司，在 2025 財年實現了 948 億美元的收入和 58 億美元的利潤。相比之下，競爭對手 Lucid 和 Rivian 儘管車輛交付量增加，但仍面臨重大虧損。Lucid 報告淨虧損 27 億美元，而 Rivian 的虧損為 36 億美元。特斯拉的增長戰略包括擴展其自動駕駛服務和能源存儲解決方案，這些預計將推動未來的盈利能力。該公司還在人工智能和機器人技術方面進行投資，以提高其運營效率和產品供應

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忘掉 Lucid 和 Rivian：這家電動車領導者依然是長期的巨大贏家