Lucid vs Nio Earnings Breakdown: Who’s Winning the EV Arms Race in 2025?

The electric vehicle showdown just got juicier. Lucid and Nio's latest earnings reports reveal who's charging ahead—and who's stuck in neutral.
Lucid: Luxury Dreams Meet Production Nightmares
While the Air sedan keeps winning awards, delivery numbers tell a different story. The 'Tesla killer' narrative looks more like a Tesla bystander these days.
Nio: China's EV Darling Faces Reality Check
Battery swap stations can't swap out fundamental economics. Nio's growth comes at a cost even Beijing can't subsidize forever.
The Bottom Line
In the race to electrify transportation, both companies prove that making cars is easy—making money isn't. Meanwhile, legacy automakers are quietly eating everyone's lunch while Wall Street chases the next shiny EV stock.