Lucid Stock vs Nio Stock: What Their Latest Earnings Reveal About the EV Race

Lucid’s stock climbed despite weaker earnings, while Nio’s widening losses and margin pressure keep investors cautious ahead of its November 19 earnings report.

Lucid (LCID) and Nio (NIO) are two of the best-known electric vehicle startups, but their financial results are starting to move in different directions as both deal with a softer EV market. Lucid’s latest results show modest progress but continued losses, while Nio’s larger scale has yet to translate into profitability.

Lucid reported a third-quarter adjusted loss of $2.65 per share on $336.6 million in revenue, missing Wall Street estimates. The company’s gross profit margin improved to -280%, compared with -385% a year earlier, as sales climbed 68% year over year to 4,078 vehicles. Despite the losses, shares rose 4% on Thursday to $17.96, with investors encouraged by smaller deficits and improving efficiency.

The company now expects to produce about 18,000 cars in 2025, down from its previous forecast of up to 20,000. Lucid ended the quarter with roughly $5.5 billion in liquidity, which analysts believe will sustain operations through 2027.

Nio Faces Margin Pressure and Growing Competition

Nio’s most recent quarterly report showed a mixed picture. The Chinese EV maker posted ¥19 billion (around $2.65 billion) in second-quarter revenue, up 9% from a year ago, while delivering 72,056 vehicles, a 25% increase year over year. Profitability remains a challenge. Nio’s vehicle margin fell to 10.3%, and its net loss widened to ¥4.99 billion ($697 million).

The company continues to face heavy competition in China’s crowded EV market. After posting a ¥6.75 billion loss in the first quarter, pressure is mounting on management to show progress when Nio reports its next results on November 19.

Comparing the Two

Lucid’s growth rate outpaces Nio’s on a percentage basis, but its scale remains much smaller. Nio’s delivery numbers are far higher, yet both companies are still trying to convert brand strength into sustained profits.

Lucid’s focus on the U.S. premium market gives it an advantage with higher price points, but U.S. policy changes, such as the expiration of EV tax credits, could affect sales. Nio faces slimmer margins as price competition intensifies in China and new rivals enter the market.

What It Means for Investors Deciding Between the Two

For investors, Lucid shows faster growth potential but also carries greater risk. Nio offers scale and stability, but its path to profitability remains uncertain. Both stocks trade well below their peaks, and neither company has yet proven it can generate consistent cash flow.

If Nio surprises with narrower losses later this month, sentiment could shift. In the meantime, Lucid appears to have the momentum, though both face a long road to sustainable success.

Investors can compare both stocks side-by-side based on various financial metrics and analyst ratings on the TipRanks Stocks Comparison Tool. Click on the image below to find out more.