Lucid vs Tesla: Revenue, Profit and Business Model
Lucid reported $1.4B of revenue in FY2025 and a net loss of $2.7B. Tesla reported $94.8B of revenue in FY2025 and $3.8B of net income.
Latest financial snapshot
Financial summary
Lucid
Lucid is growing revenue but remains deeply loss-making. Revenue rose from $595M in 2023 to $808M in 2024 and $1.354B in 2025, while net losses stayed near $2.7B a year. In Q2 2026 revenue reached $405M (up 56% year over year) on 3,953 deliveries, but adjusted EBITDA was a loss of about $901M and total liquidity fell to roughly $3B. The company relies on outside capital: an April 2026 raise of about $1.05B included $550M from a PIF affiliate, $200M from Uber and a $300M public offering.
Tesla
Tesla's revenue peaked at $97.69 billion in 2024 and slipped 2.9% to $94.83 billion in FY2025, while net income fell from $7.09 billion to $3.79 billion as vehicle prices and regulatory-credit income declined. The second quarter of 2026 reversed the top-line trend: revenue rose 26% to a record $28.24 billion, with automotive up 23% to $20.52 billion, services and other up 50% to $4.58 billion, and energy up 13% to $3.14 billion. Profit did not follow. GAAP net income fell 5% to $1.11 billion and adjusted EPS of $0.33 missed estimates because of higher R&D and AI infrastructure spending.
Revenue and profit by year
Lucid
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.4B | -$2.7B | -199.3% | +67.6% | Source |
| FY2024 | $807.8M | -$2.7B | -336.0% | +35.7% | Source |
| FY2023 | $595.3M | -$2.8B | -475.1% | -2.1% | Source |
| FY2022 | $608.2M | -$1.3B | -214.5% | +2143.3% | Source |
| FY2021 | $27.1M | -$2.6B | -9515.6% | +581.9% | Source |
| FY2020 | $4M | -$719.4M | -18093.1% | -13.4% | Source |
| FY2019 | $4.6M | -$277.4M | -6042.6% | — | Source |
Tesla
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.8B | $3.8B | 4.0% | -2.9% | Source |
| FY2024 | $97.7B | $7.1B | 7.3% | +0.9% | Source |
| FY2023 | $96.8B | $15B | 15.5% | +18.8% | Source |
| FY2022 | $81.5B | $12.6B | 15.4% | +51.4% | Source |
| FY2021 | $53.8B | $5.5B | 10.3% | +70.7% | Source |
| FY2020 | $31.5B | $721M | 2.3% | +28.3% | Source |
| FY2019 | $24.6B | -$862M | -3.5% | +14.5% | Source |
| FY2018 | $21.5B | -$976M | -4.5% | +82.5% | Source |
| FY2017 | $11.8B | -$2B | -16.7% | +68.0% | Source |
| FY2016 | $7B | -$674.9M | -9.6% | — | Source |
Where the revenue comes from
Lucid
- Vehicle Sales and Leasing
Sales and leases of Lucid Air and Gravity vehicles through Lucid's direct retail model.
- Service, Parts, and Accessories
Post-sale service, replacement parts, accessories, and customer support tied to Lucid's installed vehicle base.
- Technology Partnerships
Technology supply and licensing, including Lucid's powertrain and battery agreement with Aston Martin, plus regulatory credit sales.
Tesla
- Automotive sales and leasing~73%
Model 3, Model Y, Cybertruck and remaining other models, plus regulatory credits. $20.52B in Q2 2026.
- Services and other~16%
Supercharging, FSD and connectivity software, service, used cars, insurance and parts. $4.58B in Q2 2026, up 50%.
- Energy generation and storage~11%
Megapack, Powerwall and solar. $3.14B in Q2 2026, up 13%.
Business model and strategy
Lucid
How it makes money
Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers. Smaller revenue lines include service, parts and accessories, regulatory credit sales ($25.4M in Q2 2026) and technology supply deals such as its powertrain and battery agreement with Aston Martin.
Growth strategy
Lucid is trying to move from a low-volume luxury sedan maker to a broader vehicle company. The Gravity SUV now makes up most deliveries, a lower-priced midsize platform is planned to follow, and the Uber robotaxi commitment of at least 35,000 vehicles offers a fleet channel. Under the 2026 operational reset, management is cutting costs, consolidating Arizona production to one shift and prioritizing cash over volume.
Competitive advantage
Lucid's edge is in-house powertrain engineering. Its compact motors, inverters, 900V-class battery architecture and efficiency software give the Air some of the longest EPA range ratings of any production EV and free up cabin space. That technology has been strong enough to license to Aston Martin and to win Uber's robotaxi program, but it has not yet produced a cost base that lets Lucid make money on each car.
Tesla
How it makes money
Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model. The company generates revenue across four primary pillars: First, Automotive Sales and Leasing, selling mass-market electric vehicles (Model Y, Model 3) and premium models (Model S, Model X, Cybertruck) directly to consumers without franchised dealers.
Growth strategy
Tesla's growth plan rests on four bets. First, regain vehicle volume: deliveries fell 8.6% to 1.64 million in 2025, then rebounded to a record 480,126 in Q2 2026, up 25% year over year. Second, autonomy: Tesla runs a paid robotaxi service in several U.S. cities and is building the steering-wheel-free Cybercab, though the Q2 2026 shareholder letter dropped the target of volume production in 2026.
Competitive advantage
Tesla's advantage comes from brand strength, direct sales, software updates, charging infrastructure, battery and powertrain know-how, manufacturing scale, data, and energy-storage growth.
Questions about Lucid vs Tesla
Which company has higher revenue — Lucid Group, Inc. or Tesla, Inc.?
Lucid Group, Inc. reported $1.4B (FY2025), while Tesla, Inc. reported $94.8B (FY2025). By last reported revenue, Tesla, Inc. is the larger business, with Lucid Group, Inc. reporting a smaller revenue base.
What is the market cap of Lucid Group, Inc. vs Tesla, Inc.?
Lucid Group, Inc.'s market capitalisation stands at $1.6B, while Tesla, Inc.'s is $1.49T. Tesla, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lucid Group, Inc..
Which is more financially efficient — Lucid Group, Inc. or Tesla, Inc.?
Lucid Group, Inc. generates $208k / employee in revenue per employee, while Tesla, Inc. generates $704k / employee. Tesla, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Lucid Group, Inc. and Tesla, Inc. make money?
Lucid Group, Inc. and Tesla, Inc. generate revenue in fundamentally different ways. Lucid Group, Inc.: Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers. Tesla, Inc.: Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model.
Which company is valued higher relative to revenue — Lucid Group, Inc. or Tesla, Inc.?
On a price-to-sales (P/S) basis, Lucid Group, Inc. trades at 1.2x P/S and Tesla, Inc. at 15.7x P/S. Tesla, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Lucid Group, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Lucid Group, Inc. bigger than Tesla, Inc.?
By last reported revenue, Tesla, Inc. ($94.8B (FY2025)) is the larger company compared to Lucid Group, Inc. ($1.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Lucid vs Tesla overview