2 EV Stocks That Could Be Heading for $0, and 1 With Multibagger Potential Left

Industry Overview - The electric vehicle (EV) industry in the U.S. has faced a downturn in 2025, with a 1% decline in sales, contrasting with a global increase of 21% [1] - The end of the $7,500 EV tax credit and tariffs have removed key incentives for American consumers, negatively impacting EV sales [2] Tesla - Despite challenges, Tesla's stock has increased by over 12% in the past year, indicating resilience [3] - For the first nine months of 2025, Tesla reported revenues of $69.9 billion and a net income of $2.99 billion, although both figures are down from 2024 [15] - Q3 2025 revenue reached $28 billion, an 11% increase from $25.1 billion in Q3 2024, and cash reserves grew from $16.1 billion to $18.2 billion during the year [17] Lucid Group - Lucid Group experienced a year-over-year production increase of 116% and a 68% rise in revenue, but still reported a net loss of $978.4 million for Q3 2025 [5][8] - The company started 2025 with $5 billion in cash but reduced its reserves to $3 billion by September [7] - Despite revenue growth, Lucid's financial health appears precarious, with only a slight reduction in losses [8] Rivian Automotive - Rivian's revenues increased by 78% to $1.55 billion in Q3 2025, but it still reported a net loss of $1.16 billion, slightly larger than the previous year's loss [9][11] - The company improved its cash flow loss from $4 billion in the first nine months of 2024 to $2.82 billion in the same period of 2025, holding $5.29 billion in cash as of September 30, 2025 [12] - Rivian's stock growth of 35% over the past year may be speculative, given its mixed performance [13]