Direct Answer
10 SEC filers are classified under the Standard Industrial Classification code that describes the electric vehicle manufacturers industry, and their latest annual reports show $512.8 billion of combined revenue and a median operating margin of -33.8%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Electric vehicle manufacturers design and build battery electric vehicles, with cost per vehicle and battery supply central to economics. Many are still unprofitable, so deliveries, gross margin and cash runway matter. The first numbers to compare across companies here are deliveries and production, automotive gross margin and cash and runway.
Key Industry Metrics
- Deliveries and production: Vehicles built and handed to buyers. Production shows capacity achieved while deliveries show demand, and a persistent gap suggests inventory building or in-transit vehicles.
- Automotive gross margin: Share of vehicle revenue left after production costs. It reflects price cuts, battery costs and scale, and credits can lift it, so check how much comes from them.
- Cash and runway: Cash on hand compared with the pace it is spent. For companies not yet profitable, it indicates how long operations can continue before more funding is needed.
- Battery cost: Cost per kilowatt-hour of the pack, the largest single vehicle cost. Declines improve margin or allow price cuts, and supply contracts affect how fast it falls.
- Capacity and ramp: Planned and actual output of factories and how quickly new lines reach target rates. Slower ramps delay revenue and add fixed costs, so schedule slippage matters.
Primary Macro Drivers
- Consumer EV adoption: Buyers choosing electric models set deliveries, influenced by price, range and charging convenience.
- Incentives and regulation: Tax credits and emission rules change effective prices and demand, so policy affects deliveries and regulatory credit revenue.
- Battery cost: Battery packs are the largest component cost, so price changes move automotive gross margin.
- Charging infrastructure: Wider charging access reduces range concerns and widens the buyer base, supporting deliveries.
Major Risks
- Cash burn and funding: Heavy spending on plants and development must be financed, so watch cash and runway and dilution from raising capital.
- Competition and price cuts: Rival launches and discounting lower average selling price and gross margin, requiring cost reductions.
- Production ramp issues: Delays, quality problems or supply constraints keep output below plans, deferring revenue while costs continue.
- Policy changes: Removal or change of subsidies and rules can swing demand and regulatory credit income; watch policy commentary.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | Global |
Electric Vehicle Manufacturers Filers in the SEC Record
10 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3711. Their latest fiscal years end between 2025 and 2026, and together they reported $512.8 billion of revenue. Median revenue growth over the prior year was -0.9%. Median operating margin was -33.8% and median net margin -26.5%. Median total liabilities were 67% of total assets, and 4 of 10 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Ford Motor Co | $187.3 billion | 1.2% | -4.9% | -4.4% | FY 2025 |
| General Motors Co | $185.0 billion | -1.3% | 1.6% | 1.5% | FY 2025 |
| Tesla, Inc. | $94.8 billion | -2.9% | 4.6% | 4.0% | FY 2025 |
| Paccar Inc | $28.4 billion | -15.5% | n/a | 8.4% | FY 2025 |
| Oshkosh Corp | $10.4 billion | -2.9% | 9.0% | 6.2% | FY 2025 |
| Rivian Automotive, Inc. / De | $5.4 billion | 8.4% | -66.5% | -67.7% | FY 2025 |
| Lucid Group, Inc. | $1.4 billion | 67.6% | -258.7% | -199.3% | FY 2025 |
| Workhorse Group Inc. | $21 million | 201.1% | -223.7% | -302.2% | FY 2025 |
The 8 largest of 10 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Electric Vehicle Manufacturers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
More in Consumer Discretionary
- Consumer Discretionary sector overview
- European Luxury Goods
- E-Commerce Retail
- EV Power Electronics
- Diversified Consumer Services
- Fast-Casual Restaurants
- Department Stores
- Fitness Clubs
- Cruise Lines
Put it to work
Frequently Asked Questions
What are the main KPIs for the Electric Vehicle Manufacturers industry?
Key performance indicators for the Electric Vehicle Manufacturers industry include: Deliveries and production, Automotive gross margin, Cash and runway, Battery cost, Capacity and ramp. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Electric Vehicle Manufacturers industry?
The Electric Vehicle Manufacturers industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Electric Vehicle Manufacturers industry?
The primary risks for Electric Vehicle Manufacturers companies include: Cash burn and funding, Competition and price cuts, Production ramp issues, Policy changes. Investors should assess each company's exposure to these factors and its track record of navigating them.