Rivian Motors + Tesla & Lucid 11-11-25 - Becker Business

Summary3 min read

Becker Business: Rivian Motors + Tesla & Lucid – 11-11-25

Host: Scott Becker
Date: November 11, 2025

Episode Overview

In this episode, Scott Becker provides an update on three electric vehicle (EV) manufacturers: Rivian, Tesla, and Lucid, with a particular focus on Rivian’s recent business progress. The discussion highlights their year-to-date performance, strategic developments, and the broader challenges of scaling in the EV industry. Briefly, Scott also touches on Skydance’s earnings and ends with a personal shoutout.

Key Discussion Points & Insights

Rivian Motors: Progress and Partnerships

Performance Surge:
- Rivian is up about 31% year to date.
- Reported $1.5 billion in revenues this past quarter.
- Becker notes: “Which almost makes it a real car company.” (00:19)
Strategic Improvements:
- Rivian’s connection with Volkswagen is seen as pivotal.
- Enhanced platform, distribution, and resources due to the alliance.
- Increased sales, lower cost per unit – indicating operational maturity.
- Quote:
  
  “They seem to be doing much better as they sort of connect themselves more fully to Volkswagen and have a better platform and better distribution and better resources. It just seems like they're getting better… their sales are up, their cost per unit are down." (00:28)
Unexpected Growth:
- Scott admits the scale of Rivian’s progress was surprising:
  
  “They're up about 31% year to date. I don't think I saw that coming, but I could see how the combination of alliance is helping them. And God bless them.” (00:50)

Tesla: Steady as She Goes

Current Trajectory:
- Up about 7.5%–8% year to date.
- “They're plugging along pretty well.” (01:00)
Elon Musk’s Leadership:
- Musk’s bold vision continues to shape Tesla’s path.
- Significant mention of Musk’s controversial compensation:
  
  “He's got this crazy pay package which he's got to get to the company, a huge market cap, about six to seven times what it is today to collect on a lot of it. But God bless him. Fascinating to watch.” (01:09)

Lucid Group: The Challenges of Scale

Market Woes:
- Down about 25% year to date.
- Lucid exemplifies the difficulty of becoming a true mass-market automaker at low scale.
  
  “Lucid Group is proving the reality that is very hard to be a real car company at low scale.” (01:29)
Future Uncertainty:
- “We'll see if they could rebound or not. So that's what's going on with Lucid Group, those three companies.” (01:36)

Brief Mention: Skydance Earnings

Skydance reported its first earnings, up 11.
“The earnings weren't great, but they did show good promise for the fourth quarter outlook.” (01:38)

Notable Quotes & Memorable Moments

On Rivian’s Coming of Age:

“It had a billion five in revenues this past quarter, which almost makes it a real car company.” (00:17)
On Strategic Alliances:

“The real lesson of a company like Rivian…is they seem to be doing much better as they connect themselves more fully to Volkswagen and have a better platform and better distribution and better resources.” (00:22)
On Tesla and Musk’s Incentives:

“He's got this crazy pay package…a huge market cap, about six to seven times what it is today to collect on a lot of it.” (01:09)
On Lucid’s Struggles:

“…proving the reality that is very hard to be a real car company at low scale.” (01:29)

Timestamps for Key Segments

Rivian Motors Update: 00:00–00:59
Tesla Update: 01:00–01:28
Lucid Motors Update: 01:29–01:38
Skydance Earnings Brief: 01:39–01:46

Tone and Closing

Scott’s commentary is concise, analytical, and often light-hearted—punctuated by “God bless them” remarks showing a mix of admiration and bemusement at the EV sector’s ambition. The episode is a rapid summary valuable for business news followers, focusing on facts, performance, and market realities.

Summary prepared for listeners seeking a quick, insightful overview of Rivian, Tesla, and Lucid’s latest business trajectories.

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Transcript1 lines

[00:00]
A
This is Scott Becker with the Becker Business, the Becker Private equity podcast. Today's discussion is Rivian Motors. And then we'll also touch on Tesla and Lucid Motors. But Rivian, Rivian's doing really well. It's up about 31% year to date. It had a billion five in revenues this past quarter, which almost makes it a real car company. I think the real lesson of a company like Rivian, a company tried to be a big company or playing a big business, is they seem to be doing much better as they sort of connect themselves more fully to Volkswagen and have a better platform and better distribution and better resources. It just seems like they're getting better. They're getting closer. Their sales are up, their cost per unit are down. They're up about 31% year to date. I don't think I saw that coming, but I could see how the combination of alliance is helping them. And God bless them, Tesla, of course, the company that Elon Musk built and grew is now up about seven and a half percent year to date. Eight percent year to date. They're plugging along pretty well. Elon seems to be doubling down on his bets and what he's going to do with Tesla. He's got this crazy pay package which he's got to get to the company, a huge market cap, about six to seven times what it is today to collect on a lot of it. But God bless him. Fascinating to watch. Finally, Lucid Group is proving the reality that is very hard to be a real car company at low scale. They're down right now, now about 25 year to date and we'll see if they could rebound or not. So that's what's going on with Lucid Group, those three companies. Just another quick note. Heremont Skydance reported their first earnings. They're up 11 on that. The earnings weren't great, but they did show good promise for the fourth quarter outlook. I'll do one final. P.S. and this is a shout out to the Gordon family. There's obviously a new sheriff in town as the Gordons spent some of their time south. There is a new sheriff in town. We'll see how that goes. Thank you for listening to the Becker business and the Becker private equity podcast. Thank you very, very much.