NIO Inc. enters late 2025 with improving demand signals but a still‑stressed balance sheet. Trailing‑12‑month revenue stands at 69.42B, yet profitability remains elusive (profit margin -35.01%; operating margin -25.82%), and operating cash flow is negative. Liquidity is tight (current ratio 0.84) with 18.05B in cash against 30.96B in debt, prompting a new $1 billion equity raise that pressured the stock in recent weeks. Even so, shares have rebounded, closing near 7.145, within sight of the 52‑week high of 7.71 and above the 50‑day and 200‑day moving averages. Analysts have turned more constructive, with JPMorgan moving to Overweight and an $8 target, while UBS cites new models and a stronger balance sheet. This three‑year outlook examines how product ramp, funding choices and competition could shape NIO’s risk‑reward from here.

Rivian Automotive (RIVN) enters September 2025 with early signs of operating progress but a runway that still depends on disciplined execution. Trailing‑12‑month revenue stands at $5.15B, while losses remain steep (profit margin −68.06%, operating margin −85.50%) and gross profit is −$222M. Liquidity is solid, with $7.51B in cash, a 3.44 current ratio, and $4.9B in total debt; operating cash flow has turned positive at $183M, though levered free cash flow is −$742.5M. Shares recently traded near $15.46, up 40.80% over 12 months, within a $9.50–$17.15 range and above 50‑ and 200‑day averages of $13.26 and $13.19. Short interest is notable at 14.74% of float. Strategic context includes cost‑cutting layoffs and an initial $1 billion Volkswagen partnership ahead of the R2, setting the stage for a pivotal three‑year stretch.

Lucid Group (LCID) enters the next three years under intense scrutiny. The EV maker reverse‑split its stock 1:10 on September 2, 2025 to maintain Nasdaq compliance amid a volatile tape; the shares last closed around 22.53, well below the 52‑week high of 37.30 and down 34.97% over the year. Fundamentally, scale remains the hurdle: trailing‑twelve‑month revenue stands at about 0.93B, while margins are deeply negative (profit margin −247.07%, operating margin −309.54%). Liquidity is meaningful with 2.83B in cash against 2.74B of debt and a 2.58 current ratio, but operating cash flow of −2.25B underscores the path to self‑funding is not yet secure. Headlines point to a pivot toward affordability (a confirmed new $50,000 EV and cheaper trims, including Gravity) and ongoing debate around short‑squeeze potential. Our outlook weighs execution, capital needs, and competition.

Ferrari N.V. (RACE) enters late 2025 with premium margins and a product pivot toward electrified supercars. Trailing-12-month revenue stands at $6.96B, with a 30.74% operating margin and 22.91% net margin, supporting $10.46 in diluted EPS. Shares trade near $486, within a 52‑week range of $391.54–$519.10, after a volatile spring that briefly topped $500 in February. Cash of $1.47B against $3.16B of total debt and a 1.99 current ratio indicate manageable leverage, while beta of 0.70 underscores lower volatility than the market. With quarterly revenue and earnings up 4.40% and 2.90% year over year, Ferrari maintains steady growth and a forward dividend yield of 0.69% (payout ratio 33.51%). This three‑year outlook weighs new hybrid launches, margin durability, and brand strength against macro and regulatory risks.