Stifel analyst Stephen Gengaro outlined on Tuesday the key focus areas for investors ahead of second-quarter earnings results from Tesla, Lucid Motors, and Rivian, as the three U.S.-listed electric vehicle makers prepare to report over the coming weeks.
The firm said it is updating its financial models for the three companies and identified key updates to watch for.
Tesla is scheduled to report its second-quarter results on Wednesday after market close.
Stifel is specifically looking for updates on the company’s Full Self-Driving (FSD) technology and the progress of its robotaxi initiative.
In late June, Tesla began offering fully driverless rides in a limited program using an initial fleet of approximately 10 Model Y vehicles operating within a five-mile geofenced area.
The service, initially available only by invitation and restricted to select influencers, included a supervisor seated in the passenger seat at all times.
Earlier this month, Tesla began extending invitations to owners who had previously registered interest via the company’s website. The service remains closed to the general public.
Last week, Tesla expanded the geofenced area for the robotaxi program in Austin, doubling the original service zone launched in June.
CEO Elon Musk has said the service will “probably” be extended to the Bay Area within “a month or two,” pending regulatory approval.
Stifel also expects Tesla to address the potential impact of the US federal tax credit expiration in late September.
Both the $7,500 tax credit for new EV purchases and the $4,000 credit for used EVs are set to be eliminated at the end of September.
Earlier this month, Tesla’s homepage began displaying a prominent banner reading: “$7,500 Federal Tax Credit Ending. Take Delivery by September 30, 2025.”
In a separate note issued Tuesday, Wedbush analyst Dan Ives described Tesla as being “at a positive crossroads,” adding that the “set-up into Tesla earnings” is now “dramatically different” compared to three months ago.
Stifel is also watching for updates from Rivian on its upcoming R2 launch, with deliveries of the more affordable model scheduled to begin in the first half of 2026.
The company will report its earnings results on August 5 after the market closes, on the same day as Lucid.
In May, Rivian cut its full-year delivery guidance to a range of 40,000 to 46,000 units, down from a prior estimate of 46,000 to 51,000 units.
The company’s positive gross profit in the first quarter was primarily enabled by the sale of the majority of regulatory credits it expects to generate this year.
For Lucid Motors, Stifel is seeking updates on the company’s upcoming midsize platform, which will underpin its next three vehicle models, starting with an SUV expected to launch in late 2026.
The firm is also looking for near-term production and delivery guidance, particularly concerning the Lucid Gravity SUV.
Interim CEO Marc Winterhoff previously cited supply chain issues as the reason for a slower-than-expected production ramp-up.
According to Cox Automotive, Lucid registered only five units of the Gravity SUV between April and June.
Last week, Lucid announced a $300 million investment from Uber and a deal involving the acquisition of 20,000 Gravity vehicles to be used as robotaxis starting in late 2026, leveraging autonomous driving technology from Nuro.
However, the companies have not disclosed the purchase price or other financial terms of the agreement.
On the same day, Lucid announced plans to execute a 1 for 10 reverse stock split, with the interim chief executive denying that the move aims to decrease delisting risks.
Winterhoff said over the last few days that the reverse stock split aims to allow more institutions to invest in the company while reducing volatility and the number of retail shareholders.
