Lucid and Nio are showing strong delivery growth, though the financials are mixed. Lucid delivered nearly 16k vehicles in 2025 which is a 55% increase. Q4 was particularly strong as production bottlenecks eased and the Gravity SUV ramped up. However, they burned through half their cash reserves last year and are still operating at a significant loss. Nio saw Q4 deliveries jump 72% to over 326k vehicles, helped by their new sub-brands. They expect to post an adjusted profit between $100M and $172M for the quarter, with a goal of breaking even in 2026. Margins are improving despite the price wars in China, though the battery swap network remains a risk.