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.

Just a month after leading Chinese EV maker BYD announced its new ‘God’s Eye’ suite of driver-assistance systems, the Geely-owned Zeekr has launched its intelligent driving program. Zeekr’s solution, available in several different tiers, will be added to existing models via an over-the-air update over the coming months.

All versions of the system, dubbed G-Pilot, include a General Automated Evasion System (G-AES) and Full-Capacity Vehicle-to-Parking (V2P) intelligent drive capabilities. The G-AES system uses a large AI training model and allows for “continuous evasive maneuvers for unexpected obstacles” at speeds of up to 81 mph (130 km/h).

Read: Zeekr 9X Grand PHEV Is Geely’s $140k BMW And Range Rover Rival

Meanwhile, Zeekr’s V2P intelligent drive system allows their EVs to automatically search for empty parking spaces and park autonomously. The upcoming Zeekr 9X Grand will build on these systems with even greater capabilities.

The G-Pilot system will come standard in the company’s upcoming flagship luxury SUV and will be Level 3-capable self-driving and is powered by dual Nvidia Drive AGX Thor chips. Much like Tesla’s assisted-driving systems, Zeekr says its G-Pilot suite will evolve and improve throughout the lifespan of its EVs. This Level 3 system will also allow the car to drive itself from one destination to another, without driver input.

Zeekr 9X

While many details about the 9X remain a mystery, recent teasers show it will be a large SUV similar in size to the Range Rover and Rolls-Royce Cullinan. Not only will it be the brand’s largest and most luxurious model, but it will also be the first to use a plug-in hybrid powertrain. Little is known about this powertrain, but it’ll likely include a spritely gasoline engine and at least two electric motors and could be identical to the mechanically related Lynk & Co 900.

In the base Lynk & Co 900, a 1.5-liter turbocharged engine is paired with a 215 hp front motor and a 308 hp rear motor, making for a combined 710 hp. A pair of 2.0-liter turbocharged four-cylinder PHEVs are also offered, with one offering a combined 724 hp and the second an even more impressive 845 hp.