Lucid Group and Rivian reported their first-quarter 2025 earnings, highlighting the impact of rising costs driven by tariffs on Chinese goods. Lucid posted revenue of $235 million, slightly below estimates of $246 million, with a net loss of $366.2 million, which was better than the expected $719.2 million loss. The company delivered 3,109 vehicles in Q1, marking a 58.1% increase year-over-year, and produced 2,212 vehicles excluding those in transit to Saudi Arabia. Lucid also announced plans to introduce a mid-size platform in 2026. Rivian reported revenue of $1.24 billion, surpassing estimates of $981.2 million, and achieved an adjusted gross profit of $206 million compared to a loss of $527 million year-over-year. The company’s adjusted EBITDA loss narrowed to $329 million from $798 million a year earlier, with a net loss of $545 million, improving from $1.45 billion the previous year. Rivian also reported a gross margin of 17%, a turnaround from negative 44% a year prior, and maintained cash and equivalents of $4.69 billion. However, Rivian cut its electric vehicle delivery guidance for 2025 by at least 10%, attributing the reduction to increased capital expenditures driven by tariffs imposed during President Trump's administration. The company expects a $150 million rise in capital expenditures related to tariffs and anticipates receiving $1 billion in funding from Volkswagen Group by the end of June. Both companies flagged rising costs linked to the US's 145% tariff on Chinese goods, which came into effect in April 2025, as a key challenge impacting their operations and outlooks.