If You Bought Lucid, Nio, or Rivian Stock 5 Years Ago, Here's How Much You've Lost

"Lucid went public via SPAC merger in July 2021, carrying a valuation that assumed it would become a luxury EV powerhouse. The company has since posted annual free cash flow of −$3.80 billion in 2025, with cost of revenue in Q4 2025 reaching $944.64 million against revenue of just $522.73 million."

"Nio is arguably the most interesting of the three. It posted its first-ever quarterly GAAP profit in Q4 2025, with 124,807 deliveries, up 71.7% year over year, and a vehicle margin of 18.1%. Q1 2026 guidance calls for revenue of $3.50 billion to $3.60 billion, up 103% to 109% year over year."

"While the S&P 500 turned $1,000 into roughly $1,629 over five years, all three EV names destroyed the majority of invested capital. One Reddit comment captured the sentiment plainly: 'Down over 85% in $NIO anybody else? Is an investment like this worth holding?'"

Electric vehicle startups like Lucid, Nio, and Rivian have failed to deliver on their initial promises, resulting in substantial losses for investors. Lucid's valuation plummeted post-SPAC merger, with a staggering annual free cash flow deficit and a significant drop in shareholders' equity. Nio faced fierce competition in the Chinese market, while Rivian has struggled since its IPO. Despite the S&P 500's growth, these EV stocks have seen their values decline dramatically. Nio recently reported its first GAAP profit, but financial challenges remain.

Read at 24/7 Wall St.