Earnings Are In and Here Is How Tesla, Rivian and Lucid Look

The earnings are in for Tesla Inc. (NASDAQ: TSLA), Rivian Inc. (NASDAQ: RIVN), and Lucid Group Inc. (NASDAQ: LCID). While all three companies had positive news in one area or another, there was also cause for concern.

Tesla

In its latest Q1 report, Tesla reported its GAAP operating income was $0.4 billion, its operating cash flow was $2.2 billion, and its free cash flow was $0.7 billion. Tesla further reported that it successfully ramped up production of the Model Y across multiple factories without major disruptions, highlighting its supply chain and operational management capabilities.

Tesla then emphasized its expanding AI and Energy Solutions as long-term “pillars of growth” for the company, explicitly stating that its Model 3, Model Y, and Cybertruck can autonomously drive from the production line to the outbound logistics lot at Tesla’s U.S. factories without human supervision.

However, that positive news was offset by Tesla’s reported 13% decline in total deliveries — Tesla delivered 336,681 vehicles in Q1-2025 compared to 386,810 for the same period last year — and a massive 71% drop in net income attributable to common stockholders compared to the previous year.

Moreover, Tesla acknowledged that changing trade policies and tariffs could impact its supply chain and increase costs, potentially impacting future revenue and driving down demand for its EVs.

Rivian

Unlike Tesla, Rivian reported a modest increase in total revenue in its Q1 report, achieving its second consecutive quarter of gross profit of $206 million. This milestone was particularly significant because it unlocked a $1 billion investment from the Volkswagen Group, which Rivian said it expects to see in June 2025. The funding is part of an anticipated joint venture between Rivian and VW Group Technology, LLC.

Additionally, Rivian announced a partnership with HelloFresh, a meal-kit company with operations around the world. The partnership will include the incorporation of 70 Rivian Commercial Vans into HelloFresh’s fleet. If the partnership proves successful, it could help establish Rivian’s presence in commercial markets.

Still, just like Tesla, it’s not all good news for the EV manufacturer. Rivian reported a decrease in vehicle deliveries — 8,640 in Q1-2025 compared to 13,588 in Q1-2024 — and revised its 2025 delivery guidance to 40,000, down from 46,000.

It further acknowledged that while its vehicles are 100% manufactured in the U.S., and most of its materials come from U.S. or USMCA-qualified suppliers, trade policies and tariffs could impact consumer sentiment and demand. Thus, it raised its capital expenditure guidance to $1.9 million, up from $1.8 million.

Lucid

In its Q1 report, Lucid reported $235 million in revenue, compared to $172 million for the same period last year, and $5.76 billion in total liquidity. It also reported a 58.1% increase in vehicle deliveries in Q1-2025 compared to Q1-2024.

“We continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position, and executed against operational priorities,” Marc Winterhoff, Interim CEO at Lucid, said.

“Lucid Gravity is beginning to arrive in more customers’ driveways and at our studios, and combined with our progress toward future initiatives, our company is well positioned for future success.”

Still, that increase in vehicle deliver number should be taken in context — Lucid delivered 3,109 vehicles for the quarter, while Tesla delivered 336,681 vehicles during the same period.  

Plus, while Lucid reported an increase in revenue, the company is still not profitable. Lucid reported a net loss of $0.24 per share and a net loss attributable to common stockholders of $731.1 million. That indicates Lucid is still facing significant operational challenges and high production costs — challenges that could be exacerbated by current economic conditions.

Specifically, Lucid, like Tesla and Rivian, said trade policies and tariffs could increase production costs and influence its cost structure, which could negatively impact demand.

Going Forward

Vehicle manufacturing is a complex process that involves significant costs, even during favorable conditions. The recent addition of tariffs, shifting economic policies, and the potential for a trade war complicates the ability to generate profits. Of the three companies mentioned, Tesla is in the best financial and manufacturing position to navigate this reality.

However, demand for Tesla’s vehicles has declined precipitously, and that could be due to more general competition in the EV space or, as CNN reports, backlash against CEO Elon Musk.

Of the three EV manufacturers, Lucid is in arguably the most precarious financial position, partly because it’s a minor player in an aggressive and competitive space. But over the past year, it has improved its financials and made strides in vehicle delivery. 

Similarly, Rivian faces intense competition from much bigger players, and while it’s managed to increase its gross profits, its declining vehicle sales are concerning.

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