Electric vehicles might be the future, but profitability? That’s still a rare luxury in the EV world. An interesting study has revealed that just four EV-only brands are currently operating at a profit, while many others continue to bleed money at impressive rates. It probably won’t shock anyone that Tesla and BYD are leading the charge, but some of the other top-performing names are a bit less expected.

Read: Only 1 In 7 Of Today’s Chinese EV Brands Will Be Profitable By 2030, Analysts Claim

The study examined the operating income ratios of major EV brands and found that in 2024, Tesla reported an operating margin of 7.2%, putting it just ahead of BYD at 6.4%. However, while Tesla’s margin has declined since 2023, BYD’s has been climbing. If that trajectory holds, as many analysts expect, BYD could soon surpass Tesla in operating profitability.

Vertical Integration Pays Off

Key to the growth of both of these brands is that they are vertically integrated, helping them to scale and reach profitability sooner. The only other two brands analyzed by the study to have reached profitability are China’s Li Auto and the Series Group, which includes the Seres, Aito, and Landian brands.

While none of the other EV brands analyzed turned a profit in 2024, a few are edging closer. Zeekr, part of the Geely group, reported an operating margin of -8.5% last year. But with sales on the rise, it may soon begin delivering profits for its parent company. Xpeng and Leapmotor are also moving in the right direction, having more than halved their losses between 2023 and 2024.

Nio is another important player in China’s EV market, but not a profitable one. Its 2024 operating margin came in at over -30%, suggesting it still has a long climb ahead before it sees black ink on its balance sheet.

Tesla Stands Alone Outside China

Tesla remains the only non-Chinese EV brand to hit profitability. Polestar hasn’t crossed that threshold yet, though it did manage to reduce its losses in 2024. Similarly, Rivian also remains in the red, though like Polestar, it continues to receive substantial external funding.

At the other end of the spectrum, Lucid holds the dubious honor of running the steepest losses in the EV sector. According to data from Rho Motion, its 2024 operating margin was -374%. That’s an improvement from over -500% the year before, but still, not exactly a sign of financial health. Heavy backing from Saudi Arabia is helping Lucid stay afloat despite the massive shortfalls.

If you happen to own a Lucid Air equipped with the optional all-weather floor mats, you might want to brace yourself for some unexpected news. The carmaker is issuing a recall notice, as there’s a chance these floor mats could shift out of position and interfere with the throttle pedal, raising the risk of an accident.

Read: Lucid Tries To Snag Tesla Owners Fed Up With Musk With Up To $4K Off

Sound familiar? It’s eerily reminiscent of Toyota’s infamous floor mat debacle from over a decade ago, where improperly secured mats were blamed for a series of unintended acceleration incidents.

According to Lucid, its Model -00 all-weather floor mats are only secured in place by small nibs on the underside, rather than any proper anchors. This means they’re prone to slipping forward, and this can lead to unintended acceleration. That doesn’t just put occupants inside a Lucid at risk, but could also endanger other road users.

How Did This All Happen?

Lucid first became aware of a potential issue in August last year when a sales associate was driving an Air with the floor mats in Europe suspected the mat had slipped forward and caused the accelerator to stick. The company later became aware of 13 other cases of the floor mats moving, but there were no reports of it interfering with the accelerator.

However, on February 27, 2025, a U.S. customer reported an issue: while accelerating, the throttle pedal didn’t return to its normal position after being released. Lucid determined that the potential for the floor mat to shift and interfere with the pedal posed an unreasonable safety risk.

As a result, the company has stopped selling the problematic all-weather floor mats and now only offers mats that feature holes to attach to anchors in the carpet, as you’ll find in most vehicles.

Owners of Lucid Air models with the affected mats are being instructed to remove them and will receive a full refund for their purchase. If you’re unsure whether your mats are the faulty ones or the newer, anchor-secured type, simply take your vehicle to a Lucid facility for a free inspection.

The Lucid Air is undeniably one of the finest EVs on the market today. However, its premium price tag is enough to send many buyers looking for a less wallet-punishing alternative. Fortunately, there’s a way to make it more attainable: leasing. For as little as $510 per month with $0 down over 36 months, the entry-level Air Pure becomes a much more reasonable option for those craving a luxury all-electric sedan.

Lucid’s Incentives and Bonuses

Lucid is offering a slew of bonuses and incentives to convince customers to lease the Air Pure. For example, the American automaker has a $2,000 Conquest Credit available to current owners or lessees of a number of all-electric, hybrid, and gas-powered cars.

Read: Lucid Introduces Its Most Affordable Car Yet, The $77,400 Air Pure RWD

These include models from brands like Tesla, Acura, Audi, BMW, Cadillac, Genesis, Infiniti, Jaguar, Land Rover, Lexus, Mercedes-Benz, Maserati, Porsche, Volvo, Alfa Romeo, Bentley, Aston Martin, Ferrari, Lamborghini, Ineos, Rolls-Royce, McLaren, Mini, and Lotus.

In addition, those who select a Lucid Air Pure from the existing inventory at a sales studio will receive an additional $2,000 on-site bonus. Buyers can also make easy use of Lucid’s Referral Program and get a further $500 discount on an Air Pure if they use the referral code of an existing owner.

The single most generous offer is the Studio Select Discount, valued at $3,000. This is only available for certain inventory at select sales studios in the US, and may be hard to find for some.

The Fine Print and What You Need to Know

As noted by LeaseHackr that discovered this deal, Lucid’s online lease calculator might show a $3,500 downpayment, but that’s effectively erased if you stack the referral bonus and Studio Select Discount. With these incentives, it’s possible to lease the Lucid Air Pure for just $510 per month before taxes for 36 months—making it feel a little less like you’re splurging on a high-end tech gadget and more like you’re making a fairly smart financial move.

More: You Can Buy A New 470 HP Family Car With A 0-60 In 3.5 Seconds For $32K

These incentives, combined with the $7,500 federal EV tax credit, can effectively reduce the cost of an Air Pure from $69,900 to $52,470. It must be noted, though, that the $510 per month figure doesn’t include estimated upfront taxes, registration, and other fees.

While Peter Rawlinson recently stepped down as Lucid’s chief executive, the engineer and businessman won’t be leaving empty-handed. He will still take home a very generous salary in his new role as an advisor to the Chairman of the Board. In fact, he’ll be earning $120,000 per month, receiving a $2 million stock grant, as well as a company car.

Despite Lucid posting a $2.7 billion net loss in 2024, the company remains financially secure thanks to the deep pockets of its majority owner, Saudi Arabia’s Public Investment Fund. Over the next two years, Rawlinson will collect his $120,000 monthly salary and receive stock grants in equal installments on February 21, 2026, August 21, 2026, and February 21, 2027. Lucid will also continue covering his health insurance premiums.

Read: Service Nightmares Leave Lucid Owner Considering Ditching $100K EV

Rawlinson is no stranger to getting healthy pay packages from Lucid, Auto News notes. In 2023, it was revealed that during the previous year, he walked away with a base salary of $575,000, stock options that, at the time, were valued at $372,928,375, and $5,504,378 in stock option gains. However, that doesn’t tell the full story.

In 2021, Rawlinson received a one-time stock grant that was determined and approved by Lucid’s Board of Directors. A significant portion of this grant vested during 2022 after Lucid hit several market capitalization milestones, hence why he walked away with so much money.

Who’s Running Lucid Now?

With Rawlinson stepping down, Chief Operating Officer Marc Winterhoff has taken over as interim CEO while the board searches for a permanent replacement. While leaving his post as CEO, Rawlinson said he decided now was the right time to step aside because the new Gravity SUV has just launched. Its arrival marks a significant milestone for the company and has allowed Lucid to increase production estimates for this year to 20,000, roughly double the number of vehicles it built in 2024.

Lucid may have entered the electric vehicle market relatively late, especially compared to the class-leading, when it comes to experience and sales, Tesla, Lucid has managed to roll out a pretty competitive first product in the form of the Air sedan. However, while the EV itself has been praised by those who have driven it, one customer is seriously considering ditching his car.

A Good Car, But Poor Support

The owner, who posted his story on Reddit under the alias MtrCityMadMan, purchased an Air GT in June 2022. He states that he has been very satisfied with the car so far, as it is “a pleasure to drive” and its range is “fantastic”. However, he says that Lucid’s customer service leaves a lot to be desired and, due to the very unpleasant experience, is thinking about getting rid of it despite its positive attributes.

More: A Lucid Air For $50,000 Could Be A Deal Too Good To Ignore

His troubles began when he accidentally damaged the fairing of a side view mirror in his garage, which he admits was entirely his own fault. After contacting Lucid, he was told he would have to come to the service center to have the mirror fixed – which wouldn’t be much of an issue if it didn’t necessitate a 2.5-hour drive. Nevertheless, even though he was annoyed, he understood that the company had chosen a “strategic location”, as he put it, and so decided to make the trip.

In theory, it was a pretty straightforward job that should be completed fairly quickly. The technicians at the service center told him that it would take one to two hours, and he didn’t complain. That estimate, though, turned out to be overly optimistic.

“I sat in a McDonald’s for over 5 hours,” he wrote on his post on Reddit. “No updates and when I’d call they didn’t have any timeline. What should have been a morning repair (left early and planned on being back midday) turned into a 12 hour day. Barely an apology.”

Bumper Issues: Same Story, New Repair

The next issue was when he had to fix the Air’s bumper that had been tagged by another vehicle. It wasn’t a serious damage, but he likes to keep his cars in perfect condition – which is perfectly fine. What isn’t is the fact that he had to drive 2.5 hours again, as there is no certified Lucid shop in his city, leave the car there for at least three days, and then, if all went well and the technicians fixed the bumper on time, travel again to retrieve it. He concedes that he could use a flatbed and save himself the trouble, but it would cost him $1,500, which he decided was too much.

More: Rivian Owner’s Quality And Service Nightmares Expose The Pain Of Being A ‘Beta Tester’

With the bumper fixed, the man was able to enjoy his Air once more. Yet, another issue popped up, and this time it was the car’s fault (although dealing with the shop was, again, problematic). “Two weeks ago car starts throwing all sorts of warnings,” he explains. “Text customer service (24/7), call customer service. Nothing. I didn’t get a call back for 5 hours (when it was 11:30pm local time). Never got a text. Luckily, car was drivable.

“Local service finally reached out and said they’d like to pick up the car and bring it to center to see what’s up, and to replace battery since my deg is larger than expected. Cool. I’ve now called 3 more times to report more issues, left messages and specifically asked for a call back. Nothing. I’ve texted. Nothing.”

The Takeaway: Customer Service Is Key

That was last straw: “I can deal with a lot, but I think I’m done with this brand. I love the car but can’t trust the service that I may need in the future,” he wrote. He nevertheless had a word of advice: “To any Lucid execs that may end up reading this – you have to do better. Build quality is great but customer service builds loyal customers.”

More: Lucid CEO Says “The Market Sucks” For Cheap $25,000 EVs

What’s more, this man isn’t the only one that is dissatisfied with Lucid. Another Air owner wrote: “I am going through the mirror thing now. Exact same thing bumping it against the garage. They are requiring a full replacement at $3000+… insanity. The mirror works, it turns in and out.”

It’s Not Just One Person

Another had an explanation why the shop was so far away: “It costs over $200K to become a certified repair shop which is at the expense of the body shop. Why would they spend that type of money when hardly any cars are on the road? The ROI would be an extremely long one and many body shops probably don’t want to drop that cash if Lucid can’t prove that it’s going to be more than a niche player.”

Not everyone had a negative experience though. One owner, who lives close to a Lucid service center, states that “they have been fantastic, like far better than any experience I have had with previous ICE cars.”

In any case, it’s clear that since its range is expanding, with the 800 hp, $95,000 Gravity SUV joining the Air and other models set to follow in the future, Lucid must ensure that owners are satisfied not only by its cars, but by the brand’s customer service too. After all, people who are willing to spend close to, or more than, $100k on a car, expect only the best – and Lucid has been found lacking by customers who may not be returning to the brand but choose a rival automaker’s model for their next purchase.