Something exciting is happening with EV stocks right now: They are transforming into AI stocks.
The company has posted negative growth in its automobile business for several years in a row. Yet the company’s valuation has soared to $1.2 trillion thanks to its massive AI investments, which will help it target multitrillion-dollar growth opportunities involving self-driving cars and robotaxis. While its share price hasn’t reflected its ambitions, the same is true for Rivian Automotive.
In December, Rivian held its first “AI Day.” The company’s AI investments are now expected to accelerate so rapidly that it recently lowered its 2027 profit guidance. But what about Lucid Group (NASDAQ: LCID)? The EV maker has announced its own AI and autonomy initiatives, yet shares have continued to sink.