Becker Private Equity & Business Podcast Summary
Episode: The EV Leaders: Rivian, Tesla, & Lucid
Host: Scott Becker
Release Date: July 14, 2025

Introduction

In this episode of the Becker Private Equity & Business Podcast, host Scott Becker delves into an insightful mid-year analysis of three prominent electric vehicle (EV) manufacturers: Tesla, Rivian, and Lucid Motors. Scott provides a comprehensive overview of their market performances, strategic partnerships, challenges, and future prospects within the rapidly evolving EV landscape.

Market Performance Overview

Scott begins by assessing the year-to-date (YTD) stock performance of the three EV giants:

• Rivian: Down approximately 5% YTD, making it the best-performing among the trio.
• Tesla: Declined by 22% YTD, marking a significant downturn for the industry leader.
• Lucid Motors: Experienced the steepest decline at 25% YTD.

"Rivian is doing the best of the three big EV makers, with its stock down about 5% year to date," (00:30) Scott notes, highlighting Rivian's relative stability compared to its competitors.

Rivian Motors: Rising Amid Challenges

Rivian's resilience in the market is attributed to several factors:

• Increased Visibility: Scott observes, "You increasingly see Rivian's on the road," (01:00) indicating growing consumer adoption and brand presence.

• Strategic Partnership: Rivian's collaboration with Volkswagen (VW) is cited as a pivotal move. "Rivian, of course, is partners with VW for all practical purposes," (01:15) Scott remarks, suggesting that this alliance bolsters Rivian's market position and operational capabilities.

• Operational Hurdles: Despite its success, Rivian faces logistical issues, particularly with its charging infrastructure. Scott shares a personal anecdote: "My buddy, who with his wife bought a Rivian car, immediately scratched it, is having regular troubles finding, trying to figure out where to fill it up, at least to charge it," (01:30). This underscores the ongoing challenge of expanding the EV charging network to support growing vehicle sales.

Lucid Motors: Beauty Meets Scalability Issues

In contrast to Rivian, Lucid Motors is grappling with significant challenges:

• Aesthetic Appeal vs. Scalability: Scott acknowledges Lucid's design excellence: "It makes beautiful, beautiful cars," (02:00) yet points out the company's struggle to achieve mass production and operational scale.

• Stock Performance: With a 25% decline YTD, Lucid faces investor concerns over its ability to compete effectively in the saturated EV market. "Continues to struggle to try and find any sort of real scale," (02:15) Scott emphasizes, highlighting the gap between Lucid's potential and its current operational limitations.

Tesla: Navigating Political and Market Turbulence

Tesla, the trailblazer in the EV industry, is experiencing a tumultuous period:

• Political Backlash: Scott discusses the socio-political challenges Tesla faces, noting, "You've got a whole population of people on the left and the far right that now don't want to drive Teslas, even though they own them," (02:30). This polarization affects Tesla's brand perception and market share.

• Stock Decline: With a 22% dip YTD, Tesla's stock performance reflects investor unease. Scott contemplates, "Can Elon Musk keep on pulling miracles out of his hat?" (02:45), suggesting that much of Tesla's resilience hinges on Musk's leadership and innovative ventures.

• Future Ventures: Highlighting Tesla's diversification, Scott mentions Musk's ambitions to transform the company into an "auto robotic taxi company" and other innovative projects. "Converting Tesla into auto robotic taxi company and doing all kinds of things," (03:00) Scott observes, indicating potential new revenue streams and growth areas for Tesla.

Comparative Analysis and Future Outlook

Scott draws parallels between Tesla's role in the EV market and Apple's position in the smartphone industry:

"It's almost like the Apple and the iPhone. They got to sell Teslas to fund the rest of the stuff," (03:15) he explains. This comparison suggests that while Tesla continues to lead in EV sales, its broader business ventures may drive future growth and sustainability.

The overarching question remains whether each company can navigate their respective challenges:

• Rivian: With strategic partnerships and increasing market presence, can Rivian maintain its upward trajectory while addressing infrastructure issues?

• Lucid Motors: Will Lucid overcome its scalability hurdles to capitalize on its design prowess and enter the mainstream market effectively?

• Tesla: Can Tesla leverage Elon Musk's visionary leadership to diversify successfully and mitigate the impact of political dissent?

Conclusion

Scott Becker's analysis offers a nuanced perspective on the current state and future potential of Tesla, Rivian, and Lucid Motors. As the EV market continues to evolve, these companies' ability to adapt, innovate, and address their unique challenges will determine their standing in the competitive landscape.

"Just absolutely fascinating to watch," (03:30) Scott concludes, emphasizing the dynamic nature of the EV industry and the pivotal roles these three leaders play within it.

Note: This summary is crafted to provide a comprehensive overview for listeners and stakeholders interested in the EV sector, encapsulating the key discussions and insights shared by Scott Becker in this podcast episode.