Locator: 48633EVS.
Comments at the link very, very important. Some of them are posted below.
Notes and comments:
Ford: Ford was included due to popular requests. Ford is not a pure EV maker but is among the few legacy automakers which provides sufficient EV segment disclosure.This chart is fully updated for latest available disclosure.Comment: One of these companies is not like the others.
Rivian: Rivian's brief cash burning halt was caused by a one-time upfront $2 billion payment from VW Group. In the current quarter Rivian's cash burning will resume.
It's fascinating how some people cant see it. They focus on irrelevant things and emotions and come to bad conclusions.
Comment: Correct me if I’m wrong on this assessment, but NIO’s free cash flow history appears among the worst in the entire pure EV cohort — and arguably the most disappointing when adjusted for context.
Despite operating in China, where labor costs, manufacturing overhead, and domestic supply chains are significantly cheaper than in the U.S. or Europe, NIO has still managed to burn through a staggering $10.7 billion in free cash flow since inception.
To put this into perspective:• that’s more than double XPeng’s cumulative free cash outflow ($4.4B), despite XPeng being a direct peer in the same market and operating under similar macro conditionsIn contrast, Tesla — which had to navigate far higher costs of capital, higher wages, and less government lifelines in its formative years — is now sitting atop $16.1 billion in cumulative positive free cash flow.
• NIO has also benefited from substantial and sustained state support, including government-backed bailouts (e.g., the Anhui province rescue in 2020), favorable financing terms, and access to strategic capital from entities like CYVN and state-linked funds — yet it hasn’t translated that into capital-efficient scaling or sustainable cash generation.
The real kicker? Some of the worst offenders like Rivian or Lucid at least operate in high-cost geographies with lesser developed supply chains. NIO had structural advantages and still torched through cash at a rate few others did.
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Rivian on X
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Let's GO! Flashback
From March 18, 2024, link here.
One year ago when five investors were still betting big on Canoo:
Declared bankruptcy back in January, 2025, IIRC.
Ticker: five year history.
