Will Lucid Stock Be the Next Tesla or Fade Away Like Nikola?

While U.S. electric vehicle market leader Tesla (TSLA) has recouped most of its 2025 losses and has rejoined the $1 trillion market cap club, things have been quite bleak for startup EV companies this year. The spate of bankruptcies has continued in 2025, with Nikola (NKLAQ) and Canoo (GOEVQ) joining the ever-growing list of startups going out of business.

Of this group, I find only Lucid Group (LCID) and Rivian (RIVN) as two names worth discussing. Not only do they have viable products with good value propositions, but they have also demonstrated their ability to raise cash to fund their cash burn.