# Auto Manufacturers — company-by-company sector analysis

> Auto Manufacturers: Ford Motor Company owns the largest revenue base; Lucid Group, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Auto Manufacturers has underperformed S&P 500 by 16.4% over 52 weeks and 17% over 13 weeks. 2 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 12 beat the sector itself. Ford Motor Company leads with revenue of $189,861 million, based on 8 of 12 comparable companies through Mar 2026.

### Is the Auto Manufacturers sector outperforming S&P 500?

Auto Manufacturers has underperformed S&P 500 by 16.4% over 52 weeks and 17% over 13 weeks. 2 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 12 beat the sector itself.

### Which Auto Manufacturers company is largest by revenue?

Ford Motor Company leads with revenue of $189,861 million, based on 8 of 12 comparable companies through Mar 2026.

### Which Auto Manufacturers company is growing fastest?

Lucid Group, Inc. has the fastest current revenue growth at 61%, across 8 of 12 comparable companies.

### Which Auto Manufacturers company has the strongest 4-Factor Sector Score?

Ford Motor Company ranks first at 54.8/100 with 72% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto Manufacturers company reports the most CAPEX?

Stellantis N.V. reports the largest latest CAPEX at $3,540 million, with 12 of 12 companies comparable.

### Which Auto Manufacturers company has the least gross debt?

Robo.ai Inc. has the lowest comparable gross debt at $27 million. Ford Motor Company has the highest at $206,325 million.

### Which Auto Manufacturers company has the lowest comparable PEG?

Tesla, Inc. has the lowest comparable Guarded PEG at 3.73, among 2 of 12 companies that pass the metric’s comparability rules.

### How much history does this Auto Manufacturers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Auto Manufacturers has underperformed S&P 500 by 16.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 17%. 2 of 12 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. General Motors Company is the strongest against the sector itself at +18.8%.

13-week sector return versus NIFTY 500: 17%
52-week sector return versus NIFTY 500: -16%
Stocks leading NIFTY: 2/12
Stocks leading sector: 4/12

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 12
Combined market value: ₹14.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Ford Motor Company (F): 55/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 17.3/35 | Capital efficiency 10.2/25 | Valuation 11.0/20 | Relative strength 16.3/20
   - Exact sum: 17.3 + 10.2 + 11 + 16.3 = 54.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 6.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. General Motors Company (GM): 54/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.9/35 | Capital efficiency 10.8/25 | Valuation 9.0/20 | Relative strength 16.0/20
   - Exact sum: 17.9 + 10.8 + 9 + 16 = 53.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Ferrari N.V. (RACE): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.5/35 | Capital efficiency 16.4/25 | Valuation 4.5/20 | Relative strength 13.0/20
   - Exact sum: 14.5 + 16.4 + 4.5 + 13 = 48.4
   - Decision use: Price leads the evidence: RS versus the benchmark is -5.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Rivian Automotive, Inc. (RIVN): 45/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 14.4/35 | Capital efficiency 7.4/25 | Valuation 10.0/20 | Relative strength 13.4/20
   - Exact sum: 14.4 + 7.4 + 10 + 13.4 = 45.2
   - Decision use: Price leads the evidence: RS versus the benchmark is -0.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. LiveWire Group, Inc. (LVWR): 43/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.9/35 | Capital efficiency 5.0/25 | Valuation 10.5/20 | Relative strength 7.1/20
   - Exact sum: 19.9 + 5 + 10.5 + 7.1 = 42.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Lucid Group, Inc. (LCID): 42/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 15.0/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 9.0/20
   - Exact sum: 15 + 8.1 + 10 + 9 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Tesla, Inc. (TSLA): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 15.7/35 | Capital efficiency 15.5/25 | Valuation 3.5/20 | Relative strength 5.8/20
   - Exact sum: 15.7 + 15.5 + 3.5 + 5.8 = 40.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Empery Digital Inc. (EMPD): 36/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 7.9/35 | Capital efficiency 9.3/25 | Valuation 11.5/20 | Relative strength 6.8/20
   - Exact sum: 7.9 + 9.3 + 11.5 + 6.8 = 35.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Stellantis N.V. (STLA): 44/100 — Thin evidence · provisional; evidence 39%
   - Growth & earnings 18.3/35 | Capital efficiency 10.5/25 | Valuation 10.0/20 | Relative strength 4.8/20
   - Exact sum: 18.3 + 10.5 + 10 + 4.8 = 43.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Robo.ai Inc. (AIIO): 44/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 15.3/35 | Capital efficiency 15.2/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 15.3 + 15.2 + 10 + 3 = 43.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Polestar Automotive Holding UK PLC (PSNY): 42/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 18.5/35 | Capital efficiency 10.5/25 | Valuation 10.0/20 | Relative strength 3.2/20
   - Exact sum: 18.5 + 10.5 + 10 + 3.2 = 42.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Lotus Technology Inc. (LOT): 38/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 14.6/35 | Capital efficiency 11.8/25 | Valuation 10.0/20 | Relative strength 1.3/20
   - Exact sum: 14.6 + 11.8 + 10 + 1.3 = 37.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Ford Motor Company is the scale leader at $189,861 million, 94% ahead of Tesla, Inc.. Lucid Group, Inc.'s growth is 61% from a $1,401 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Ford Motor Company is the scale benchmark; Lucid Group, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Ford Motor Company's growth falls below Lucid Group, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Ford Motor Company · $189,861 million | 94% versus #2 · Tesla, Inc. | 6/8 recent comparable periods | 8/12 companies · 187 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Ford Motor Company (F): ₹1.9 L Cr
2. Tesla, Inc. (TSLA): ₹97.9K Cr
3. Ferrari N.V. (RACE): ₹7.2K Cr
4. Rivian Automotive, Inc. (RIVN): ₹5.5K Cr
5. Lucid Group, Inc. (LCID): ₹1.4K Cr

### Revenue growth — fastest growers
1. Lucid Group, Inc. (LCID): 61%
2. LiveWire Group, Inc. (LVWR): 17%
3. Rivian Automotive, Inc. (RIVN): 10%
4. Ferrari N.V. (RACE): 4.7%
5. Ford Motor Company (F): 3.8%

### 20-quarter Revenue history
- TSLA: Sep 2021 ₹13.8K Cr | Dec 2021 ₹17.7K Cr | Mar 2022 ₹18.8K Cr | Jun 2022 ₹16.9K Cr | Sep 2022 ₹21.5K Cr | Dec 2022 ₹24.3K Cr | Mar 2023 ₹23.3K Cr | Jun 2023 ₹24.9K Cr | Sep 2023 ₹23.4K Cr | Dec 2023 ₹25.2K Cr | Mar 2024 ₹21.3K Cr | Jun 2024 ₹25.5K Cr | Sep 2024 ₹25.2K Cr | Dec 2024 ₹25.7K Cr | Mar 2025 ₹19.3K Cr | Jun 2025 ₹22.5K Cr | Sep 2025 ₹28.1K Cr | Dec 2025 ₹24.9K Cr | Mar 2026 ₹22.4K Cr | Jun 2026 —
- GM: Sep 2021 ₹26.8K Cr | Dec 2021 ₹33.6K Cr | Mar 2022 ₹36.0K Cr | Jun 2022 ₹35.8K Cr | Sep 2022 ₹41.9K Cr | Dec 2022 ₹43.1K Cr | Mar 2023 ₹40.0K Cr | Jun 2023 ₹44.7K Cr | Sep 2023 ₹44.1K Cr | Dec 2023 ₹43.0K Cr | Mar 2024 ₹43.0K Cr | Jun 2024 ₹48.0K Cr | Sep 2024 ₹48.8K Cr | Dec 2024 ₹47.7K Cr | Mar 2025 ₹44.0K Cr | Jun 2025 ₹47.1K Cr | Sep 2025 ₹48.6K Cr | Dec 2025 ₹45.3K Cr | Mar 2026 ₹43.6K Cr | Jun 2026 —
- RACE: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- F: Sep 2021 ₹35.7K Cr | Dec 2021 ₹37.7K Cr | Mar 2022 ₹34.5K Cr | Jun 2022 ₹40.2K Cr | Sep 2022 ₹39.4K Cr | Dec 2022 ₹44.0K Cr | Mar 2023 ₹41.5K Cr | Jun 2023 ₹45.0K Cr | Sep 2023 ₹43.8K Cr | Dec 2023 ₹46.0K Cr | Mar 2024 ₹42.8K Cr | Jun 2024 ₹47.8K Cr | Sep 2024 ₹46.2K Cr | Dec 2024 ₹48.2K Cr | Mar 2025 ₹40.7K Cr | Jun 2025 ₹50.2K Cr | Sep 2025 ₹50.5K Cr | Dec 2025 ₹45.9K Cr | Mar 2026 ₹43.3K Cr | Jun 2026 —
- RIVN: Sep 2021 ₹1 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹364 Cr | Sep 2022 ₹536 Cr | Dec 2022 ₹663 Cr | Mar 2023 ₹661 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹874 Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹85.0K Cr | Sep 2024 — | Dec 2024 ₹71.9K Cr | Mar 2025 — | Jun 2025 ₹74.3K Cr | Sep 2025 — | Dec 2025 ₹79.2K Cr | Mar 2026 — | Jun 2026 —
- LCID: Sep 2021 ₹0 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹258 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹259 Cr | Sep 2025 ₹337 Cr | Dec 2025 ₹523 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 ₹809 Cr | Mar 2022 — | Jun 2022 ₹1.0K Cr | Sep 2022 — | Dec 2022 ₹1.4K Cr | Mar 2023 — | Jun 2023 ₹1.2K Cr | Sep 2023 — | Dec 2023 ₹1.1K Cr | Mar 2024 — | Jun 2024 ₹909 Cr | Sep 2024 — | Dec 2024 ₹1.1K Cr | Mar 2025 — | Jun 2025 ₹1.4K Cr | Sep 2025 — | Dec 2025 ₹1.6K Cr | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹361 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹272 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹163 Cr | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 ₹37 Cr | Mar 2024 — | Jun 2024 ₹7 Cr | Sep 2024 — | Dec 2024 ₹5 Cr | Mar 2025 — | Jun 2025 ₹1 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 ₹10 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- EMPD: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- TSLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 56% | Dec 2022 37% | Mar 2023 24% | Jun 2023 47% | Sep 2023 8.8% | Dec 2023 3.5% | Mar 2024 -8.7% | Jun 2024 2.3% | Sep 2024 7.9% | Dec 2024 2.2% | Mar 2025 -9.2% | Jun 2025 -12% | Sep 2025 12% | Dec 2025 -3.1% | Mar 2026 16% | Jun 2026 —
- GM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.7% | Sep 2022 56% | Dec 2022 28% | Mar 2023 11% | Jun 2023 25% | Sep 2023 5.4% | Dec 2023 -0.3% | Mar 2024 7.6% | Jun 2024 7.2% | Sep 2024 10% | Dec 2024 11% | Mar 2025 2.3% | Jun 2025 -1.8% | Sep 2025 -0.3% | Dec 2025 -5.1% | Mar 2026 -0.9% | Jun 2026 —
- RACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 19% | Dec 2022 17% | Mar 2023 20% | Jun 2023 14% | Sep 2023 24% | Dec 2023 11% | Mar 2024 11% | Jun 2024 16% | Sep 2024 6.5% | Dec 2024 14% | Mar 2025 13% | Jun 2025 4.4% | Sep 2025 7.4% | Dec 2025 3.7% | Mar 2026 3.2% | Jun 2026 —
- F: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 10% | Dec 2022 17% | Mar 2023 20% | Jun 2023 12% | Sep 2023 11% | Dec 2023 4.5% | Mar 2024 3.1% | Jun 2024 6.4% | Sep 2024 5.5% | Dec 2024 4.9% | Mar 2025 -5.0% | Jun 2025 5.0% | Sep 2025 9.4% | Dec 2025 -4.8% | Mar 2026 6.4% | Jun 2026 —
- RIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1,128% | Mar 2023 596% | Jun 2023 208% | Sep 2023 149% | Dec 2023 98% | Mar 2024 82% | Jun 2024 3.3% | Sep 2024 -35% | Dec 2024 32% | Mar 2025 3.0% | Jun 2025 13% | Sep 2025 78% | Dec 2025 -26% | Mar 2026 11% | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -13% | Sep 2025 — | Dec 2025 10% | Mar 2026 — | Jun 2026 —
- LCID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 892% | Mar 2023 157% | Jun 2023 56% | Sep 2023 -29% | Dec 2023 -39% | Mar 2024 16% | Jun 2024 33% | Sep 2024 45% | Dec 2024 49% | Mar 2025 36% | Jun 2025 29% | Sep 2025 69% | Dec 2025 124% | Mar 2026 20% | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 37% | Mar 2022 — | Jun 2022 95% | Sep 2022 — | Dec 2022 73% | Mar 2023 — | Jun 2023 19% | Sep 2023 — | Dec 2023 -19% | Mar 2024 — | Jun 2024 -26% | Sep 2024 — | Dec 2024 -0.6% | Mar 2025 — | Jun 2025 57% | Sep 2025 — | Dec 2025 45% | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 500% | Mar 2023 1,800% | Jun 2023 11,000% | Sep 2023 18,700% | Dec 2023 5,917% | Mar 2024 811% | Jun 2024 103% | Sep 2024 36% | Dec 2024 -25% | Mar 2025 -46% | Jun 2025 -44% | Sep 2025 -46% | Dec 2025 -40% | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 600% | Sep 2024 — | Dec 2024 -86% | Mar 2025 — | Jun 2025 -86% | Sep 2025 — | Dec 2025 -100% | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -10% | Mar 2023 -20% | Jun 2023 -46% | Sep 2023 -47% | Dec 2023 67% | Mar 2024 -38% | Jun 2024 -14% | Sep 2024 -50% | Dec 2024 -27% | Mar 2025 -40% | Jun 2025 0.0% | Sep 2025 50% | Dec 2025 0.0% | Mar 2026 67% | Jun 2026 —
- EMPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 -50% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 -100% | Jun 2025 0.0% | Sep 2025 -100% | Dec 2025 -200% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Ferrari N.V. leads opm at 29.7%; LiveWire Group, Inc. leads margin change at +407.9 percentage points.

Investor read: Ferrari N.V. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Ferrari N.V. · 29.7% | 343.3% versus #2 · General Motors Company | 6/8 recent comparable periods | 8/12 companies · 152 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Ferrari N.V. (RACE): 30%
2. General Motors Company (GM): 6.7%
3. Ford Motor Company (F): 5.4%
4. Tesla, Inc. (TSLA): 4.2%
5. Lotus Technology Inc. (LOT): -41% — older report

### Margin change — fastest expanders
1. LiveWire Group, Inc. (LVWR): +407.9 pp
2. Lotus Technology Inc. (LOT): +29.0 pp — older report
3. Ford Motor Company (F): +4.6 pp
4. Tesla, Inc. (TSLA): +2.1 pp
5. Ferrari N.V. (RACE): −0.6 pp

### 20-quarter OPM history
- TSLA: Sep 2021 15% | Dec 2021 15% | Mar 2022 19% | Jun 2022 15% | Sep 2022 17% | Dec 2022 16% | Mar 2023 11% | Jun 2023 9.6% | Sep 2023 7.6% | Dec 2023 8.2% | Mar 2024 5.5% | Jun 2024 6.3% | Sep 2024 11% | Dec 2024 6.2% | Mar 2025 2.1% | Jun 2025 4.1% | Sep 2025 5.8% | Dec 2025 5.7% | Mar 2026 4.2% | Jun 2026 —
- GM: Sep 2021 6.1% | Dec 2021 4.5% | Mar 2022 6.1% | Jun 2022 5.9% | Sep 2022 8.1% | Dec 2022 6.1% | Mar 2023 6.4% | Jun 2023 6.2% | Sep 2023 6.8% | Dec 2023 2.1% | Mar 2024 8.7% | Jun 2024 8.1% | Sep 2024 7.5% | Dec 2024 3.2% | Mar 2025 7.6% | Jun 2025 4.5% | Sep 2025 2.2% | Dec 2025 -8.1% | Mar 2026 6.7% | Jun 2026 —
- RACE: Sep 2021 26% | Dec 2021 23% | Mar 2022 26% | Jun 2022 25% | Sep 2022 24% | Dec 2022 22% | Mar 2023 27% | Jun 2023 30% | Sep 2023 27% | Dec 2023 24% | Mar 2024 28% | Jun 2024 30% | Sep 2024 28% | Dec 2024 27% | Mar 2025 30% | Jun 2025 31% | Sep 2025 28% | Dec 2025 29% | Mar 2026 30% | Jun 2026 —
- F: Sep 2021 3.8% | Dec 2021 2.0% | Mar 2022 3.9% | Jun 2022 7.1% | Sep 2022 1.3% | Dec 2022 3.5% | Mar 2023 5.1% | Jun 2023 5.5% | Sep 2023 2.6% | Dec 2023 -0.5% | Mar 2024 2.9% | Jun 2024 3.9% | Sep 2024 1.9% | Dec 2024 2.6% | Mar 2025 0.8% | Jun 2025 1.0% | Sep 2025 3.1% | Dec 2025 -25% | Mar 2026 5.4% | Jun 2026 —
- RIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -469% | Sep 2022 -331% | Dec 2022 -271% | Mar 2023 -217% | Jun 2023 -115% | Sep 2023 -108% | Dec 2023 -120% | Mar 2024 -123% | Jun 2024 -119% | Sep 2024 -134% | Dec 2024 -38% | Mar 2025 -53% | Jun 2025 -86% | Sep 2025 -63% | Dec 2025 -65% | Mar 2026 -64% | Jun 2026 —
- LCID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -575% | Sep 2022 -352% | Dec 2022 -291% | Mar 2023 -517% | Jun 2023 -555% | Sep 2023 -546% | Dec 2023 -469% | Mar 2024 -423% | Jun 2024 -393% | Sep 2024 -385% | Dec 2024 -313% | Mar 2025 -294% | Jun 2025 -310% | Sep 2025 -280% | Dec 2025 -204% | Mar 2026 -350% | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -846% | Jun 2023 -165% | Sep 2023 -87% | Dec 2023 -63% | Mar 2024 -135% | Jun 2024 -91% | Sep 2024 -63% | Dec 2024 -70% | Mar 2025 -111% | Jun 2025 -128% | Sep 2025 -68% | Dec 2025 -41% | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -445% | Mar 2024 — | Jun 2024 -239% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -736% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 -186% | Mar 2022 -151% | Jun 2022 -155% | Sep 2022 -143% | Dec 2022 -313% | Mar 2023 -321% | Jun 2023 -455% | Sep 2023 -311% | Dec 2023 -224% | Mar 2024 -611% | Jun 2024 -437% | Sep 2024 -597% | Dec 2024 -235% | Mar 2025 -753% | Jun 2025 -311% | Sep 2025 -330% | Dec 2025 -156% | Mar 2026 -346% | Jun 2026 —
- EMPD: Sep 2021 — | Dec 2021 — | Mar 2022 -730% | Jun 2022 -419% | Sep 2022 — | Dec 2022 -822% | Mar 2023 -472% | Jun 2023 -950% | Sep 2023 — | Dec 2023 -912% | Mar 2024 -411% | Jun 2024 -588% | Sep 2024 — | Dec 2024 -547% | Mar 2025 -459% | Jun 2025 -551% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- TSLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.6 pp | Sep 2022 +2.6 pp | Dec 2022 +1.3 pp | Mar 2023 −7.8 pp | Jun 2023 −5.0 pp | Sep 2023 −9.6 pp | Dec 2023 −7.8 pp | Mar 2024 −5.9 pp | Jun 2024 −3.3 pp | Sep 2024 +3.2 pp | Dec 2024 −2.0 pp | Mar 2025 −3.4 pp | Jun 2025 −2.2 pp | Sep 2025 −5.0 pp | Dec 2025 −0.5 pp | Mar 2026 +2.1 pp | Jun 2026 —
- GM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 +2.0 pp | Dec 2022 +1.6 pp | Mar 2023 +0.3 pp | Jun 2023 +0.3 pp | Sep 2023 −1.3 pp | Dec 2023 −4.0 pp | Mar 2024 +2.3 pp | Jun 2024 +1.9 pp | Sep 2024 +0.7 pp | Dec 2024 +1.1 pp | Mar 2025 −1.1 pp | Jun 2025 −3.6 pp | Sep 2025 −5.3 pp | Dec 2025 −11.3 pp | Mar 2026 −0.9 pp | Jun 2026 —
- RACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 −1.8 pp | Dec 2022 −0.8 pp | Mar 2023 +1.0 pp | Jun 2023 +4.7 pp | Sep 2023 +3.5 pp | Dec 2023 +2.6 pp | Mar 2024 +1.0 pp | Jun 2024 +0.2 pp | Sep 2024 +1.0 pp | Dec 2024 +2.6 pp | Mar 2025 +2.4 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.5 pp | Mar 2026 −0.6 pp | Jun 2026 —
- F: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.2 pp | Sep 2022 −2.5 pp | Dec 2022 +1.5 pp | Mar 2023 +1.2 pp | Jun 2023 −1.6 pp | Sep 2023 +1.3 pp | Dec 2023 −4.0 pp | Mar 2024 −2.2 pp | Jun 2024 −1.6 pp | Sep 2024 −0.7 pp | Dec 2024 +3.1 pp | Mar 2025 −2.1 pp | Jun 2025 −2.9 pp | Sep 2025 +1.2 pp | Dec 2025 −27.8 pp | Mar 2026 +4.6 pp | Jun 2026 —
- RIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +77,269.0 pp | Dec 2022 +4,273.7 pp | Mar 2023 +1,445.3 pp | Jun 2023 +354.6 pp | Sep 2023 +223.3 pp | Dec 2023 +150.5 pp | Mar 2024 +93.5 pp | Jun 2024 −4.1 pp | Sep 2024 −26.1 pp | Dec 2024 +82.1 pp | Mar 2025 +70.5 pp | Jun 2025 +33.2 pp | Sep 2025 +70.7 pp | Dec 2025 −26.7 pp | Mar 2026 −11.0 pp | Jun 2026 —
- LCID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1,42,482.5 pp | Sep 2022 +2,13,894.2 pp | Dec 2022 +1,549.4 pp | Mar 2023 +519.3 pp | Jun 2023 +19.3 pp | Sep 2023 −194.5 pp | Dec 2023 −178.0 pp | Mar 2024 +94.1 pp | Jun 2024 +162.6 pp | Sep 2024 +161.1 pp | Dec 2024 +156.3 pp | Mar 2025 +128.2 pp | Jun 2025 +83.1 pp | Sep 2025 +105.3 pp | Dec 2025 +108.9 pp | Mar 2026 −55.9 pp | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1,070.8 pp | Mar 2023 +6,774.6 pp | Jun 2023 +7,455.9 pp | Sep 2023 +11,775.0 pp | Dec 2023 +5,974.4 pp | Mar 2024 +711.2 pp | Jun 2024 +73.9 pp | Sep 2024 +24.2 pp | Dec 2024 −6.3 pp | Mar 2025 +23.8 pp | Jun 2025 −37.0 pp | Sep 2025 −5.4 pp | Dec 2025 +29.0 pp | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +8,046.6 pp | Sep 2024 — | Dec 2024 −1,161.4 pp | Mar 2025 — | Jun 2025 −497.1 pp | Sep 2025 — | Dec 2025 −1,74,201.3 pp | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −127.1 pp | Mar 2023 −170.0 pp | Jun 2023 −300.4 pp | Sep 2023 −168.3 pp | Dec 2023 +89.6 pp | Mar 2024 −290.2 pp | Jun 2024 +18.5 pp | Sep 2024 −285.5 pp | Dec 2024 −10.9 pp | Mar 2025 −142.3 pp | Jun 2025 +125.7 pp | Sep 2025 +266.7 pp | Dec 2025 +78.4 pp | Mar 2026 +407.9 pp | Jun 2026 —
- EMPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4,772.0 pp | Dec 2022 +2,899.6 pp | Mar 2023 +258.1 pp | Jun 2023 −530.7 pp | Sep 2023 +1,074.4 pp | Dec 2023 −89.6 pp | Mar 2024 +61.4 pp | Jun 2024 +361.9 pp | Sep 2024 +811.5 pp | Dec 2024 +364.8 pp | Mar 2025 −48.4 pp | Jun 2025 +36.9 pp | Sep 2025 −16,260.7 pp | Dec 2025 +17,551.3 pp | Mar 2026 −36,453.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Tesla, Inc. leads with $3,926 million of TTM profit, 145.2% above Ferrari N.V.. Ferrari N.V. shows 0.9% growth from a $1,601 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Tesla, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Tesla, Inc. · $3,926 million | 145.2% versus #2 · Ferrari N.V. | 2/8 recent comparable periods | 8/12 companies · 191 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Tesla, Inc. (TSLA): ₹3.9K Cr
2. Ferrari N.V. (RACE): ₹1.6K Cr
3. LiveWire Group, Inc. (LVWR): ₹-74 Cr
4. Empery Digital Inc. (EMPD): ₹-233 Cr
5. Lotus Technology Inc. (LOT): ₹-466 Cr — older report

### Profit growth — fastest growers
1. Ferrari N.V. (RACE): 1.0%
2. Tesla, Inc. (TSLA): -36%
3. Ford Motor Company (F): -221%

### 20-quarter Net profit history
- TSLA: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹420 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹856 Cr | Mar 2026 ₹491 Cr | Jun 2026 —
- GM: Sep 2021 ₹2.4K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹-2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹-3.3K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- RACE: Sep 2021 ₹207 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹239 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹228 Cr | Dec 2022 ₹222 Cr | Mar 2023 ₹297 Cr | Jun 2023 ₹334 Cr | Sep 2023 ₹332 Cr | Dec 2023 ₹294 Cr | Mar 2024 ₹352 Cr | Jun 2024 ₹413 Cr | Sep 2024 ₹375 Cr | Dec 2024 ₹386 Cr | Mar 2025 ₹412 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹381 Cr | Mar 2026 ₹413 Cr | Jun 2026 —
- F: Sep 2021 ₹1.8K Cr | Dec 2021 ₹12.3K Cr | Mar 2022 ₹-3.1K Cr | Jun 2022 ₹638 Cr | Sep 2022 ₹-930 Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹-523 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹896 Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹473 Cr | Jun 2025 ₹-29 Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹-11.1K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- RIVN: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-2.5K Cr | Mar 2022 ₹-1.6K Cr | Jun 2022 ₹-1.7K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-1.7K Cr | Mar 2023 ₹-1.3K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-1.5K Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-743 Cr | Mar 2025 ₹-541 Cr | Jun 2025 ₹-1.1K Cr | Sep 2025 ₹-1.2K Cr | Dec 2025 ₹-804 Cr | Mar 2026 ₹-416 Cr | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹5.6K Cr | Sep 2024 — | Dec 2024 ₹-127 Cr | Mar 2025 — | Jun 2025 ₹-2.3K Cr | Sep 2025 — | Dec 2025 ₹-20.1K Cr | Mar 2026 — | Jun 2026 —
- LCID: Sep 2021 ₹-524 Cr | Dec 2021 ₹-1.0K Cr | Mar 2022 ₹-81 Cr | Jun 2022 ₹-220 Cr | Sep 2022 ₹-530 Cr | Dec 2022 ₹-473 Cr | Mar 2023 ₹-780 Cr | Jun 2023 ₹-764 Cr | Sep 2023 ₹-631 Cr | Dec 2023 ₹-654 Cr | Mar 2024 ₹-681 Cr | Jun 2024 ₹-643 Cr | Sep 2024 ₹-992 Cr | Dec 2024 ₹-397 Cr | Mar 2025 ₹-366 Cr | Jun 2025 ₹-539 Cr | Sep 2025 ₹-978 Cr | Dec 2025 ₹-814 Cr | Mar 2026 ₹-1.0K Cr | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 ₹-639 Cr | Mar 2022 — | Jun 2022 ₹-503 Cr | Sep 2022 — | Dec 2022 ₹24 Cr | Mar 2023 — | Jun 2023 ₹-342 Cr | Sep 2023 — | Dec 2023 ₹-840 Cr | Mar 2024 — | Jun 2024 ₹-544 Cr | Sep 2024 — | Dec 2024 ₹-1.5K Cr | Mar 2025 — | Jun 2025 ₹-1.2K Cr | Sep 2025 — | Dec 2025 ₹-1.2K Cr | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 ₹-68 Cr | Mar 2022 ₹-103 Cr | Jun 2022 ₹-103 Cr | Sep 2022 ₹-159 Cr | Dec 2022 ₹-356 Cr | Mar 2023 ₹-159 Cr | Jun 2023 ₹-193 Cr | Sep 2023 ₹-174 Cr | Dec 2023 ₹-223 Cr | Mar 2024 ₹-258 Cr | Jun 2024 ₹-202 Cr | Sep 2024 ₹-206 Cr | Dec 2024 ₹-441 Cr | Mar 2025 ₹-182 Cr | Jun 2025 ₹-135 Cr | Sep 2025 ₹-66 Cr | Dec 2025 ₹-83 Cr | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 ₹-6 Cr | Mar 2022 — | Jun 2022 ₹-9 Cr | Sep 2022 — | Dec 2022 ₹-32 Cr | Mar 2023 — | Jun 2023 ₹-69 Cr | Sep 2023 — | Dec 2023 ₹-197 Cr | Mar 2024 — | Jun 2024 ₹-32 Cr | Sep 2024 — | Dec 2024 ₹-140 Cr | Mar 2025 — | Jun 2025 ₹-2 Cr | Sep 2025 — | Dec 2025 ₹-165 Cr | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 ₹9 Cr | Dec 2021 ₹-18 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-22 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-41 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-33 Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹-25 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹-19 Cr | Jun 2025 ₹-19 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-18 Cr | Jun 2026 —
- EMPD: Sep 2021 ₹-6 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-23 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-109 Cr | Mar 2026 ₹-85 Cr | Jun 2026 —

### 20-quarter Profit growth history
- TSLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 93% | Sep 2022 101% | Dec 2022 58% | Mar 2023 -23% | Jun 2023 15% | Sep 2023 -44% | Dec 2023 114% | Mar 2024 -45% | Jun 2024 -46% | Sep 2024 17% | Dec 2024 -73% | Mar 2025 -70% | Jun 2025 -16% | Sep 2025 -37% | Dec 2025 -60% | Mar 2026 17% | Jun 2026 —
- GM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -41% | Sep 2022 36% | Dec 2022 14% | Mar 2023 -16% | Jun 2023 53% | Sep 2023 -7.9% | Dec 2023 -0.7% | Mar 2024 26% | Jun 2024 15% | Sep 2024 0.5% | Dec 2024 -244% | Mar 2025 -3.4% | Jun 2025 -34% | Sep 2025 -57% | Dec 2025 — | Mar 2026 -5.2% | Jun 2026 —
- RACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 10% | Dec 2022 3.3% | Mar 2023 24% | Jun 2023 33% | Sep 2023 46% | Dec 2023 32% | Mar 2024 19% | Jun 2024 24% | Sep 2024 13% | Dec 2024 31% | Mar 2025 17% | Jun 2025 2.9% | Sep 2025 1.9% | Dec 2025 -1.3% | Mar 2026 0.2% | Jun 2026 —
- F: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -151% | Dec 2022 -90% | Mar 2023 — | Jun 2023 216% | Sep 2023 — | Dec 2023 -142% | Mar 2024 -20% | Jun 2024 -9.1% | Sep 2024 -24% | Dec 2024 — | Mar 2025 -65% | Jun 2025 -102% | Sep 2025 173% | Dec 2025 -704% | Mar 2026 439% | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -140% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3,600% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -333% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Stellantis N.V. reports $3,540 million of CAPEX; Lucid Group, Inc. has the highest covered intensity at 89.7%. Coverage is only 12 of 12 companies and 188 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Stellantis N.V. · $3,540 million | 42% versus #2 · Tesla, Inc. | 4/4 recent comparable periods | 12/12 companies · 188 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Stellantis N.V. (STLA): ₹3.5K Cr
2. Tesla, Inc. (TSLA): ₹2.5K Cr
3. Ford Motor Company (F): ₹2.4K Cr
4. General Motors Company (GM): ₹1.9K Cr
5. Rivian Automotive, Inc. (RIVN): ₹372 Cr

### CAPEX intensity — highest reinvestment intensity
1. Lucid Group, Inc. (LCID): 90%
2. Rivian Automotive, Inc. (RIVN): 27%
3. LiveWire Group, Inc. (LVWR): 20%
4. Tesla, Inc. (TSLA): 11%
5. Lotus Technology Inc. (LOT): 8.0% — older report

### 20-quarter CAPEX history
- TSLA: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- GM: Sep 2021 ₹1.9K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.9K Cr
- RACE: Sep 2021 ₹100 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹161 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹135 Cr | Jun 2026 —
- F: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- RIVN: Sep 2021 ₹467 Cr | Dec 2021 ₹456 Cr | Mar 2022 ₹418 Cr | Jun 2022 ₹359 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹294 Cr | Mar 2023 ₹283 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹283 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹338 Cr | Jun 2025 ₹462 Cr | Sep 2025 ₹447 Cr | Dec 2025 ₹463 Cr | Mar 2026 ₹372 Cr | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹5.7K Cr | Sep 2024 — | Dec 2024 ₹5.4K Cr | Mar 2025 — | Jun 2025 ₹4.4K Cr | Sep 2025 — | Dec 2025 ₹3.5K Cr | Mar 2026 — | Jun 2026 —
- LCID: Sep 2021 ₹93 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹310 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹193 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹198 Cr | Jun 2024 ₹234 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹292 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹325 Cr | Mar 2026 ₹253 Cr | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 ₹13 Cr | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 — | Jun 2023 ₹43 Cr | Sep 2023 — | Dec 2023 ₹94 Cr | Mar 2024 — | Jun 2024 ₹84 Cr | Sep 2024 — | Dec 2024 ₹64 Cr | Mar 2025 — | Jun 2025 ₹88 Cr | Sep 2025 — | Dec 2025 ₹71 Cr | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 ₹26 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 — | Dec 2023 ₹4 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- EMPD: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- TSLA: Sep 2021 13% | Dec 2021 10% | Mar 2022 9.4% | Jun 2022 10% | Sep 2022 8.4% | Dec 2022 7.6% | Mar 2023 8.9% | Jun 2023 8.3% | Sep 2023 11% | Dec 2023 9.2% | Mar 2024 13% | Jun 2024 8.9% | Sep 2024 14% | Dec 2024 11% | Mar 2025 7.7% | Jun 2025 11% | Sep 2025 8.0% | Dec 2025 9.6% | Mar 2026 11% | Jun 2026 —
- GM: Sep 2021 6.9% | Dec 2021 9.5% | Mar 2022 4.6% | Jun 2022 6.1% | Sep 2022 5.0% | Dec 2022 7.7% | Mar 2023 6.1% | Jun 2023 5.0% | Sep 2023 5.8% | Dec 2023 8.6% | Mar 2024 6.5% | Jun 2024 5.4% | Sep 2024 4.6% | Dec 2024 6.8% | Mar 2025 4.1% | Jun 2025 4.5% | Sep 2025 4.4% | Dec 2025 7.1% | Mar 2026 3.5% | Jun 2026 —
- RACE: Sep 2021 9.5% | Dec 2021 11% | Mar 2022 3.3% | Jun 2022 4.0% | Sep 2022 7.6% | Dec 2022 12% | Mar 2023 2.9% | Jun 2023 5.0% | Sep 2023 6.2% | Dec 2023 11% | Mar 2024 5.2% | Jun 2024 7.9% | Sep 2024 7.6% | Dec 2024 8.1% | Mar 2025 6.1% | Jun 2025 6.7% | Sep 2025 6.6% | Dec 2025 7.8% | Mar 2026 7.3% | Jun 2026 —
- F: Sep 2021 4.4% | Dec 2021 4.7% | Mar 2022 4.0% | Jun 2022 4.2% | Sep 2022 4.4% | Dec 2022 4.7% | Mar 2023 4.3% | Jun 2023 4.3% | Sep 2023 5.1% | Dec 2023 5.0% | Mar 2024 4.9% | Jun 2024 4.4% | Sep 2024 4.3% | Dec 2024 5.2% | Mar 2025 4.5% | Jun 2025 4.2% | Sep 2025 4.2% | Dec 2025 6.1% | Mar 2026 5.5% | Jun 2026 —
- RIVN: Sep 2021 46,700% | Dec 2021 844% | Mar 2022 440% | Jun 2022 99% | Sep 2022 56% | Dec 2022 44% | Mar 2023 43% | Jun 2023 23% | Sep 2023 14% | Dec 2023 23% | Mar 2024 21% | Jun 2024 24% | Sep 2024 32% | Dec 2024 19% | Mar 2025 27% | Jun 2025 36% | Sep 2025 29% | Dec 2025 36% | Mar 2026 27% | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6.7% | Sep 2024 — | Dec 2024 7.5% | Mar 2025 — | Jun 2025 6.0% | Sep 2025 — | Dec 2025 4.5% | Mar 2026 — | Jun 2026 —
- LCID: Sep 2021 — | Dec 2021 469% | Mar 2022 319% | Jun 2022 320% | Sep 2022 149% | Dec 2022 112% | Mar 2023 162% | Jun 2023 135% | Sep 2023 140% | Dec 2023 174% | Mar 2024 115% | Jun 2024 116% | Sep 2024 80% | Dec 2024 125% | Mar 2025 69% | Jun 2025 71% | Sep 2025 59% | Dec 2025 62% | Mar 2026 90% | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 1.6% | Mar 2022 — | Jun 2022 0.2% | Sep 2022 — | Dec 2022 2.2% | Mar 2023 — | Jun 2023 3.5% | Sep 2023 — | Dec 2023 8.3% | Mar 2024 — | Jun 2024 9.2% | Sep 2024 — | Dec 2024 5.7% | Mar 2025 — | Jun 2025 6.2% | Sep 2025 — | Dec 2025 4.3% | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 2,600% | Mar 2022 2,200% | Jun 2022 2,200% | Sep 2022 3,800% | Dec 2022 850% | Mar 2023 300% | Jun 2023 51% | Sep 2023 25% | Dec 2023 59% | Mar 2024 15% | Jun 2024 11% | Sep 2024 1.6% | Dec 2024 1.5% | Mar 2025 28% | Jun 2025 21% | Sep 2025 9.5% | Dec 2025 8.0% | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 200% | Sep 2023 — | Dec 2023 11% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 30% | Mar 2022 20% | Jun 2022 23% | Sep 2022 20% | Dec 2022 56% | Mar 2023 63% | Jun 2023 57% | Sep 2023 38% | Dec 2023 13% | Mar 2024 60% | Jun 2024 33% | Sep 2024 50% | Dec 2024 9.1% | Mar 2025 33% | Jun 2025 17% | Sep 2025 17% | Dec 2025 9.1% | Mar 2026 20% | Jun 2026 —
- EMPD: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Tesla, Inc. has the clearest covered balance-sheet capacity with $35,514 million net cash and gross debt of $9,229 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Robo.ai Inc. · $27 million | 41.3% versus #2 · Empery Digital Inc. | 3/8 recent comparable periods | 10/12 companies · 178 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Robo.ai Inc. (AIIO): ₹27 Cr — older report
2. Empery Digital Inc. (EMPD): ₹46 Cr
3. LiveWire Group, Inc. (LVWR): ₹75 Cr
4. Lotus Technology Inc. (LOT): ₹1.8K Cr — older report
5. Lucid Group, Inc. (LCID): ₹2.9K Cr

### Net debt — lowest net debt
1. Tesla, Inc. (TSLA): ₹-35.5K Cr
2. LiveWire Group, Inc. (LVWR): ₹8 Cr
3. Robo.ai Inc. (AIIO): ₹22 Cr — older report
4. Empery Digital Inc. (EMPD): ₹38 Cr
5. Rivian Automotive, Inc. (RIVN): ₹192 Cr

### 20-quarter Gross debt history
- TSLA: Sep 2021 ₹8.2K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹8.2K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹8.4K Cr | Mar 2026 ₹9.2K Cr | Jun 2026 —
- GM: Sep 2021 ₹1.1 L Cr | Dec 2021 ₹1.1 L Cr | Mar 2022 ₹1.1 L Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹1.1 L Cr | Dec 2022 ₹1.1 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.2 L Cr | Sep 2023 ₹1.2 L Cr | Dec 2023 ₹1.2 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.3 L Cr | Sep 2024 ₹1.3 L Cr | Dec 2024 ₹1.3 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.4 L Cr | Sep 2025 ₹1.3 L Cr | Dec 2025 ₹1.3 L Cr | Mar 2026 ₹1.3 L Cr | Jun 2026 ₹1.3 L Cr
- RACE: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- F: Sep 2021 ₹1.4 L Cr | Dec 2021 ₹1.4 L Cr | Mar 2022 ₹1.4 L Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹1.3 L Cr | Dec 2022 ₹1.4 L Cr | Mar 2023 ₹1.4 L Cr | Jun 2023 ₹1.4 L Cr | Sep 2023 ₹1.4 L Cr | Dec 2023 ₹1.5 L Cr | Mar 2024 ₹1.5 L Cr | Jun 2024 ₹1.5 L Cr | Sep 2024 ₹1.6 L Cr | Dec 2024 ₹1.6 L Cr | Mar 2025 ₹1.6 L Cr | Jun 2025 ₹1.6 L Cr | Sep 2025 ₹1.6 L Cr | Dec 2025 ₹1.6 L Cr | Mar 2026 ₹2.1 L Cr | Jun 2026 —
- RIVN: Sep 2021 ₹3.1K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- LCID: Sep 2021 ₹8 Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- LOT: Sep 2021 ₹218 Cr | Dec 2021 ₹218 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹604 Cr | Dec 2022 ₹648 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹924 Cr | Dec 2023 ₹904 Cr | Mar 2024 ₹736 Cr | Jun 2024 ₹889 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 ₹32 Cr | Mar 2022 — | Jun 2022 ₹27 Cr | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 — | Jun 2023 ₹26 Cr | Sep 2023 — | Dec 2023 ₹22 Cr | Mar 2024 — | Jun 2024 ₹24 Cr | Sep 2024 — | Dec 2024 ₹21 Cr | Mar 2025 — | Jun 2025 ₹17 Cr | Sep 2025 — | Dec 2025 ₹27 Cr | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- EMPD: Sep 2021 ₹4 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹46 Cr | Jun 2026 —

### 20-quarter Net debt history
- TSLA: Sep 2021 ₹-7.9K Cr | Dec 2021 ₹-10.9K Cr | Mar 2022 ₹-13.2K Cr | Jun 2022 ₹-14.5K Cr | Sep 2022 ₹-17.6K Cr | Dec 2022 ₹-19.1K Cr | Mar 2023 ₹-19.7K Cr | Jun 2023 ₹-20.7K Cr | Sep 2023 ₹-21.7K Cr | Dec 2023 ₹-23.9K Cr | Mar 2024 ₹-21.5K Cr | Jun 2024 ₹-23.0K Cr | Sep 2024 ₹-26.0K Cr | Dec 2024 ₹-28.4K Cr | Mar 2025 ₹-29.5K Cr | Jun 2025 ₹-29.6K Cr | Sep 2025 ₹-33.9K Cr | Dec 2025 ₹-35.7K Cr | Mar 2026 ₹-35.5K Cr | Jun 2026 —
- GM: Sep 2021 ₹85.0K Cr | Dec 2021 ₹80.7K Cr | Mar 2022 ₹83.5K Cr | Jun 2022 ₹83.6K Cr | Sep 2022 ₹82.3K Cr | Dec 2022 ₹83.4K Cr | Mar 2023 ₹86.2K Cr | Jun 2023 ₹85.4K Cr | Sep 2023 ₹84.0K Cr | Dec 2023 ₹95.3K Cr | Mar 2024 ₹96.8K Cr | Jun 2024 ₹95.6K Cr | Sep 2024 ₹95.6K Cr | Dec 2024 ₹1.0 L Cr | Mar 2025 ₹1.1 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.0 L Cr | Mar 2026 ₹1.0 L Cr | Jun 2026 ₹1.0 L Cr
- RACE: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- F: Sep 2021 ₹98.1K Cr | Dec 2021 ₹88.5K Cr | Mar 2022 ₹94.4K Cr | Jun 2022 ₹72.8K Cr | Sep 2022 ₹88.2K Cr | Dec 2022 ₹94.9K Cr | Mar 2023 ₹99.8K Cr | Jun 2023 ₹1.0 L Cr | Sep 2023 ₹1.0 L Cr | Dec 2023 ₹1.1 L Cr | Mar 2024 ₹1.1 L Cr | Jun 2024 ₹1.2 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.2 L Cr | Mar 2025 ₹1.2 L Cr | Jun 2025 ₹1.2 L Cr | Sep 2025 ₹1.2 L Cr | Dec 2025 ₹1.2 L Cr | Mar 2026 ₹1.7 L Cr | Jun 2026 —
- RIVN: Sep 2021 ₹-2.0K Cr | Dec 2021 ₹-16.7K Cr | Mar 2022 ₹-14.9K Cr | Jun 2022 ₹-13.4K Cr | Sep 2022 ₹-11.8K Cr | Dec 2022 ₹-10.0K Cr | Mar 2023 ₹-8.2K Cr | Jun 2023 ₹-7.2K Cr | Sep 2023 ₹-6.1K Cr | Dec 2023 ₹-4.6K Cr | Mar 2024 ₹-3.1K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-910 Cr | Dec 2024 ₹-2.9K Cr | Mar 2025 ₹-2.3K Cr | Jun 2025 ₹-2.6K Cr | Sep 2025 ₹-2.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹192 Cr | Jun 2026 —
- LCID: Sep 2021 ₹-4.8K Cr | Dec 2021 ₹-4.3K Cr | Mar 2022 ₹-3.4K Cr | Jun 2022 ₹-2.3K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.8K Cr | Mar 2023 ₹-896 Cr | Jun 2023 ₹-3.2K Cr | Sep 2023 ₹-2.3K Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-1.9K Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.8K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-603 Cr | Sep 2025 ₹-113 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- LOT: Sep 2021 ₹-313 Cr | Dec 2021 ₹-313 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-121 Cr | Dec 2022 ₹-89 Cr | Mar 2023 ₹461 Cr | Jun 2023 ₹461 Cr | Sep 2023 ₹507 Cr | Dec 2023 ₹485 Cr | Mar 2024 ₹316 Cr | Jun 2024 ₹620 Cr | Sep 2024 ₹908 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 ₹32 Cr | Mar 2022 — | Jun 2022 ₹27 Cr | Sep 2022 — | Dec 2022 ₹-184 Cr | Mar 2023 — | Jun 2023 ₹-49 Cr | Sep 2023 — | Dec 2023 ₹-3 Cr | Mar 2024 — | Jun 2024 ₹22 Cr | Sep 2024 — | Dec 2024 ₹19 Cr | Mar 2025 — | Jun 2025 ₹15 Cr | Sep 2025 — | Dec 2025 ₹22 Cr | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-403 Cr | Jun 2022 ₹-403 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-262 Cr | Mar 2023 ₹-233 Cr | Jun 2023 ₹-213 Cr | Sep 2023 ₹-198 Cr | Dec 2023 ₹-166 Cr | Mar 2024 ₹-139 Cr | Jun 2024 ₹-112 Cr | Sep 2024 ₹-87 Cr | Dec 2024 ₹-63 Cr | Mar 2025 ₹-45 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- EMPD: Sep 2021 ₹1 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹38 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Robo.ai Inc. leads ROCE at 135.7%, 114.6 percentage points above Lotus Technology Inc.. Polestar Automotive Holding UK PLC has the strongest latest improvement at +3.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Robo.ai Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Robo.ai Inc. · 135.7% | 543.1% versus #2 · Lotus Technology Inc. | 2/7 recent comparable periods | 12/12 companies · 205 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Robo.ai Inc. (AIIO): 136% — older report
2. Lotus Technology Inc. (LOT): 21% — older report
3. Ferrari N.V. (RACE): 6.1%
4. Ford Motor Company (F): 1.3%
5. Tesla, Inc. (TSLA): 0.9%

### ROCE change — fastest improvers
1. Polestar Automotive Holding UK PLC (PSNY): +3.2 pp — older report
2. Ford Motor Company (F): +1.1 pp
3. Stellantis N.V. (STLA): +1.1 pp
4. Tesla, Inc. (TSLA): +0.4 pp
5. General Motors Company (GM): −0.3 pp

### 20-quarter ROCE history
- TSLA: Sep 2021 5.6% | Dec 2021 6.5% | Mar 2022 8.7% | Jun 2022 5.8% | Sep 2022 8.2% | Dec 2022 8.0% | Mar 2023 5.1% | Jun 2023 4.4% | Sep 2023 3.0% | Dec 2023 3.1% | Mar 2024 1.7% | Jun 2024 2.2% | Sep 2024 3.5% | Dec 2024 1.9% | Mar 2025 0.5% | Jun 2025 1.0% | Sep 2025 1.7% | Dec 2025 1.4% | Mar 2026 0.9% | Jun 2026 —
- GM: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 1.3% | Jun 2022 1.2% | Sep 2022 2.0% | Dec 2022 1.5% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 1.7% | Dec 2023 0.5% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 1.9% | Dec 2024 0.8% | Mar 2025 1.8% | Jun 2025 1.1% | Sep 2025 0.6% | Dec 2025 -2.0% | Mar 2026 1.5% | Jun 2026 0.8%
- RACE: Sep 2021 4.9% | Dec 2021 4.6% | Mar 2022 5.3% | Jun 2022 5.5% | Sep 2022 4.8% | Dec 2022 4.7% | Mar 2023 5.8% | Jun 2023 6.6% | Sep 2023 6.2% | Dec 2023 5.4% | Mar 2024 6.1% | Jun 2024 6.9% | Sep 2024 6.3% | Dec 2024 6.0% | Mar 2025 6.6% | Jun 2025 6.7% | Sep 2025 6.1% | Dec 2025 5.9% | Mar 2026 6.1% | Jun 2026 —
- F: Sep 2021 0.8% | Dec 2021 0.4% | Mar 2022 0.8% | Jun 2022 1.8% | Sep 2022 0.3% | Dec 2022 1.0% | Mar 2023 1.3% | Jun 2023 1.5% | Sep 2023 0.7% | Dec 2023 -0.1% | Mar 2024 0.7% | Jun 2024 1.1% | Sep 2024 0.5% | Dec 2024 0.7% | Mar 2025 0.2% | Jun 2025 0.3% | Sep 2025 0.9% | Dec 2025 -6.6% | Mar 2026 1.3% | Jun 2026 —
- RIVN: Sep 2021 -14% | Dec 2021 -20% | Mar 2022 -12% | Jun 2022 -14% | Sep 2022 -15% | Dec 2022 -9.9% | Mar 2023 -8.0% | Jun 2023 -7.7% | Sep 2023 -9.4% | Dec 2023 -11% | Mar 2024 -10% | Jun 2024 -9.7% | Sep 2024 -8.9% | Dec 2024 -4.8% | Mar 2025 -5.0% | Jun 2025 -8.6% | Sep 2025 -8.2% | Dec 2025 -6.8% | Mar 2026 -7.5% | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -1.1% | Dec 2024 -1.1% | Mar 2025 -0.5% | Jun 2025 -3.8% | Sep 2025 -9.5% | Dec 2025 -9.5% | Mar 2026 0.6% | Jun 2026 —
- LCID: Sep 2021 -13% | Dec 2021 -11% | Mar 2022 -13% | Jun 2022 -13% | Sep 2022 -12% | Dec 2022 -10% | Mar 2023 -12% | Jun 2023 -11% | Sep 2023 -11% | Dec 2023 -10% | Mar 2024 -10% | Jun 2024 -10% | Sep 2024 -10% | Dec 2024 -9.2% | Mar 2025 -8.8% | Jun 2025 -11% | Sep 2025 -13% | Dec 2025 -15% | Mar 2026 -16% | Jun 2026 —
- PSNY: Sep 2021 -5.4% | Dec 2021 -6.3% | Mar 2022 -5.0% | Jun 2022 -12% | Sep 2022 -3.1% | Dec 2022 -6.4% | Mar 2023 -3.0% | Jun 2023 -3.8% | Sep 2023 -3.4% | Dec 2023 -19% | Mar 2024 -5.6% | Jun 2024 -3.1% | Sep 2024 -7.6% | Dec 2024 -8.0% | Mar 2025 -11% | Jun 2025 -6.8% | Sep 2025 -4.8% | Dec 2025 -4.8% | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 0.0% | Dec 2021 -12% | Mar 2022 — | Jun 2022 — | Sep 2022 -27% | Dec 2022 -70% | Mar 2023 -233% | Jun 2023 -263% | Sep 2023 -61% | Dec 2023 -171% | Mar 2024 -48% | Jun 2024 -51% | Sep 2024 -63% | Dec 2024 106% | Mar 2025 -24% | Jun 2025 -47% | Sep 2025 -310% | Dec 2025 21% | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 19% | Mar 2022 — | Jun 2022 21% | Sep 2022 — | Dec 2022 -14% | Mar 2023 — | Jun 2023 -35% | Sep 2023 — | Dec 2023 -312% | Mar 2024 — | Jun 2024 -516% | Sep 2024 — | Dec 2024 154% | Mar 2025 — | Jun 2025 125% | Sep 2025 — | Dec 2025 136% | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 0.0% | Dec 2021 -8.5% | Mar 2022 -7.1% | Jun 2022 -8.7% | Sep 2022 -9.9% | Dec 2022 -16% | Mar 2023 -6.7% | Jun 2023 -9.0% | Sep 2023 -7.9% | Dec 2023 -13% | Mar 2024 -12% | Jun 2024 -13% | Sep 2024 -14% | Dec 2024 -15% | Mar 2025 -14% | Jun 2025 -15% | Sep 2025 -18% | Dec 2025 -15% | Mar 2026 -17% | Jun 2026 —
- EMPD: Sep 2021 -171% | Dec 2021 -171% | Mar 2022 -58% | Jun 2022 -103% | Sep 2022 -92% | Dec 2022 -124% | Mar 2023 -75% | Jun 2023 69% | Sep 2023 173% | Dec 2023 117% | Mar 2024 -23,877% | Jun 2024 80% | Sep 2024 171% | Dec 2024 59% | Mar 2025 -19% | Jun 2025 -33% | Sep 2025 -16% | Dec 2025 -70% | Mar 2026 -73% | Jun 2026 —

### 20-quarter ROCE change history
- TSLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 +1.5 pp | Mar 2023 −3.6 pp | Jun 2023 −1.4 pp | Sep 2023 −5.2 pp | Dec 2023 −4.9 pp | Mar 2024 −3.4 pp | Jun 2024 −2.2 pp | Sep 2024 +0.5 pp | Dec 2024 −1.2 pp | Mar 2025 −1.2 pp | Jun 2025 −1.2 pp | Sep 2025 −1.8 pp | Dec 2025 −0.5 pp | Mar 2026 +0.4 pp | Jun 2026 —
- GM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +0.6 pp | Mar 2023 +0.2 pp | Jun 2023 +0.4 pp | Sep 2023 −0.3 pp | Dec 2023 −1.0 pp | Mar 2024 +0.6 pp | Jun 2024 +0.5 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 −0.3 pp | Jun 2025 −1.0 pp | Sep 2025 −1.3 pp | Dec 2025 −2.8 pp | Mar 2026 −0.3 pp | Jun 2026 −0.3 pp
- RACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.5 pp | Jun 2023 +1.1 pp | Sep 2023 +1.4 pp | Dec 2023 +0.7 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.6 pp | Mar 2025 +0.5 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.1 pp | Mar 2026 −0.5 pp | Jun 2026 —
- F: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.6 pp | Mar 2023 +0.5 pp | Jun 2023 −0.3 pp | Sep 2023 +0.4 pp | Dec 2023 −1.1 pp | Mar 2024 −0.6 pp | Jun 2024 −0.4 pp | Sep 2024 −0.2 pp | Dec 2024 +0.8 pp | Mar 2025 −0.5 pp | Jun 2025 −0.8 pp | Sep 2025 +0.4 pp | Dec 2025 −7.3 pp | Mar 2026 +1.1 pp | Jun 2026 —
- RIVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 +9.8 pp | Mar 2023 +4.4 pp | Jun 2023 +6.5 pp | Sep 2023 +5.2 pp | Dec 2023 −0.7 pp | Mar 2024 −2.1 pp | Jun 2024 −2.0 pp | Sep 2024 +0.5 pp | Dec 2024 +5.8 pp | Mar 2025 +5.1 pp | Jun 2025 +1.1 pp | Sep 2025 +0.7 pp | Dec 2025 −2.0 pp | Mar 2026 −2.5 pp | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −1.1 pp | Dec 2024 −1.1 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −8.4 pp | Dec 2025 −8.4 pp | Mar 2026 +1.1 pp | Jun 2026 —
- LCID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.8 pp | Mar 2023 +1.5 pp | Jun 2023 +1.9 pp | Sep 2023 +0.7 pp | Dec 2023 +0.2 pp | Mar 2024 +1.5 pp | Jun 2024 +1.2 pp | Sep 2024 +0.7 pp | Dec 2024 +1.0 pp | Mar 2025 +1.5 pp | Jun 2025 −1.0 pp | Sep 2025 −3.3 pp | Dec 2025 −5.8 pp | Mar 2026 −6.8 pp | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 −0.1 pp | Mar 2023 +2.0 pp | Jun 2023 +8.3 pp | Sep 2023 −0.3 pp | Dec 2023 −12.2 pp | Mar 2024 −2.6 pp | Jun 2024 +0.7 pp | Sep 2024 −4.2 pp | Dec 2024 +10.6 pp | Mar 2025 −5.4 pp | Jun 2025 −3.7 pp | Sep 2025 +2.8 pp | Dec 2025 +3.2 pp | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −27.4 pp | Dec 2022 −57.9 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −33.4 pp | Dec 2023 −101.7 pp | Mar 2024 +185.7 pp | Jun 2024 +212.6 pp | Sep 2024 −2.3 pp | Dec 2024 +277.6 pp | Mar 2025 +23.7 pp | Jun 2025 +3.8 pp | Sep 2025 −247.2 pp | Dec 2025 −85.3 pp | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −33.5 pp | Mar 2023 — | Jun 2023 −56.7 pp | Sep 2023 — | Dec 2023 −297.6 pp | Mar 2024 — | Jun 2024 −480.4 pp | Sep 2024 — | Dec 2024 +466.1 pp | Mar 2025 — | Jun 2025 +640.5 pp | Sep 2025 — | Dec 2025 −18.7 pp | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.9 pp | Dec 2022 −7.9 pp | Mar 2023 +0.4 pp | Jun 2023 −0.3 pp | Sep 2023 +2.0 pp | Dec 2023 +3.8 pp | Mar 2024 −5.7 pp | Jun 2024 −3.9 pp | Sep 2024 −5.6 pp | Dec 2024 −2.3 pp | Mar 2025 −1.7 pp | Jun 2025 −1.8 pp | Sep 2025 −4.6 pp | Dec 2025 +0.2 pp | Mar 2026 −3.0 pp | Jun 2026 —
- EMPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +79.4 pp | Dec 2022 +46.9 pp | Mar 2023 −17.3 pp | Jun 2023 +171.6 pp | Sep 2023 +265.0 pp | Dec 2023 +240.6 pp | Mar 2024 −23,802.1 pp | Jun 2024 +11.2 pp | Sep 2024 −2.3 pp | Dec 2024 −57.2 pp | Mar 2025 +23,858.3 pp | Jun 2025 −113.2 pp | Sep 2025 −186.4 pp | Dec 2025 −129.5 pp | Mar 2026 −53.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Tesla, Inc. has the lowest comparable Guarded PEG at 3.73×, 37.3% below Ferrari N.V.. Only 2 of 12 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Tesla, Inc. · 3.73× | 37.3% versus #2 · Ferrari N.V. | 0/8 recent comparable periods | 2/12 companies · 28 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Tesla, Inc. (TSLA): 3.7
2. Ferrari N.V. (RACE): 6.0

### P/E — lowest P/E
1. Empery Digital Inc. (EMPD): 0.0
2. Ford Motor Company (F): 10.2
3. LiveWire Group, Inc. (LVWR): 11.6
4. Stellantis N.V. (STLA): 13.8
5. Ferrari N.V. (RACE): 32.5

### 20-quarter Guarded PEG history
- TSLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 2.7 | Sep 2023 — | Dec 2023 3.0 | Mar 2024 2.5 | Jun 2024 — | Sep 2024 3.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.9 | Jun 2023 2.6 | Sep 2023 1.5 | Dec 2023 1.3 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 2.4 | Dec 2024 2.1 | Mar 2025 2.0 | Jun 2025 2.9 | Sep 2025 3.6 | Dec 2025 6.0 | Mar 2026 — | Jun 2026 —
- F: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 — | Sep 2024 — | Dec 2024 0.2 | Mar 2025 0.3 | Jun 2025 — | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- TSLA: Sep 2021 251.0 | Dec 2021 216.1 | Mar 2022 146.6 | Jun 2022 81.3 | Sep 2022 82.1 | Dec 2022 34.0 | Mar 2023 61.0 | Jun 2023 74.2 | Sep 2023 80.5 | Dec 2023 57.8 | Mar 2024 44.1 | Jun 2024 54.8 | Sep 2024 70.7 | Dec 2024 198.0 | Mar 2025 148.9 | Jun 2025 190.2 | Sep 2025 308.8 | Dec 2025 416.4 | Mar 2026 341.1 | Jun 2026 —
- GM: Sep 2021 7.1 | Dec 2021 8.8 | Mar 2022 7.3 | Jun 2022 6.0 | Sep 2022 5.4 | Dec 2022 5.5 | Mar 2023 5.7 | Jun 2023 5.4 | Sep 2023 4.6 | Dec 2023 4.9 | Mar 2024 5.5 | Jun 2024 5.2 | Sep 2024 4.8 | Dec 2024 8.4 | Mar 2025 6.8 | Jun 2025 7.8 | Sep 2025 12.3 | Dec 2025 24.9 | Mar 2026 30.0 | Jun 2026 38.9
- RACE: Sep 2021 38.1 | Dec 2021 50.6 | Mar 2022 42.2 | Jun 2022 35.6 | Sep 2022 37.4 | Dec 2022 39.2 | Mar 2023 46.0 | Jun 2023 50.6 | Sep 2023 43.1 | Dec 2023 44.4 | Mar 2024 55.9 | Jun 2024 49.6 | Sep 2024 53.2 | Dec 2024 48.3 | Mar 2025 44.9 | Jun 2025 46.8 | Sep 2025 46.2 | Dec 2025 35.2 | Mar 2026 32.5 | Jun 2026 —
- F: Sep 2021 20.2 | Dec 2021 4.7 | Mar 2022 5.9 | Jun 2022 3.9 | Sep 2022 5.1 | Dec 2022 — | Mar 2023 17.8 | Jun 2023 14.8 | Sep 2023 8.1 | Dec 2023 11.3 | Mar 2024 13.7 | Jun 2024 13.1 | Sep 2024 12.0 | Dec 2024 6.8 | Mar 2025 8.0 | Jun 2025 13.8 | Sep 2025 10.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STLA: Sep 2021 4.0 | Dec 2021 3.9 | Mar 2022 3.4 | Jun 2022 2.6 | Sep 2022 2.5 | Dec 2022 2.5 | Mar 2023 2.9 | Jun 2023 2.6 | Sep 2023 3.0 | Dec 2023 3.6 | Mar 2024 5.1 | Jun 2024 4.3 | Sep 2024 4.1 | Dec 2024 6.8 | Mar 2025 13.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 — | Mar 2022 14.7 | Jun 2022 11.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EMPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Polestar Automotive Holding UK PLC leads ev/ebitda at 2.9×; Stellantis N.V. leads p/bv at 0.29×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Polestar Automotive Holding UK PLC · 2.9× | 72.1% versus #2 · General Motors Company | 1/8 recent comparable periods | 7/12 companies · 96 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Polestar Automotive Holding UK PLC (PSNY): 2.9 — older report
2. General Motors Company (GM): 10.4
3. LiveWire Group, Inc. (LVWR): 17.7
4. Ferrari N.V. (RACE): 18.8
5. Stellantis N.V. (STLA): 19.8

### P/BV — lowest P/BV
1. Stellantis N.V. (STLA): 0.3
2. Polestar Automotive Holding UK PLC (PSNY): 0.4 — older report
3. Empery Digital Inc. (EMPD): 0.8
4. General Motors Company (GM): 1.1
5. Ford Motor Company (F): 1.3

### 20-quarter EV/EBITDA history
- TSLA: Sep 2021 107.8 | Dec 2021 114.7 | Mar 2022 87.0 | Jun 2022 48.8 | Sep 2022 51.4 | Dec 2022 21.4 | Mar 2023 38.4 | Jun 2023 48.3 | Sep 2023 51.1 | Dec 2023 56.7 | Mar 2024 44.0 | Jun 2024 52.6 | Sep 2024 64.3 | Dec 2024 102.2 | Mar 2025 67.9 | Jun 2025 87.6 | Sep 2025 137.2 | Dec 2025 157.3 | Mar 2026 121.7 | Jun 2026 —
- GM: Sep 2021 7.4 | Dec 2021 8.0 | Mar 2022 7.5 | Jun 2022 7.0 | Sep 2022 6.5 | Dec 2022 6.3 | Mar 2023 6.5 | Jun 2023 6.3 | Sep 2023 6.0 | Dec 2023 6.7 | Mar 2024 6.9 | Jun 2024 6.3 | Sep 2024 6.1 | Dec 2024 6.3 | Mar 2025 6.1 | Jun 2025 6.9 | Sep 2025 7.6 | Dec 2025 10.2 | Mar 2026 10.1 | Jun 2026 10.4
- RACE: Sep 2021 23.0 | Dec 2021 28.2 | Mar 2022 23.6 | Jun 2022 20.5 | Sep 2022 21.1 | Dec 2022 21.3 | Mar 2023 24.6 | Jun 2023 27.4 | Sep 2023 23.7 | Dec 2023 24.8 | Mar 2024 31.6 | Jun 2024 28.9 | Sep 2024 31.3 | Dec 2024 29.2 | Mar 2025 27.2 | Jun 2025 28.2 | Sep 2025 27.6 | Dec 2025 20.6 | Mar 2026 18.8 | Jun 2026 —
- F: Sep 2021 17.4 | Dec 2021 14.5 | Mar 2022 15.5 | Jun 2022 8.6 | Sep 2022 10.3 | Dec 2022 10.2 | Mar 2023 10.2 | Jun 2023 11.3 | Sep 2023 10.1 | Dec 2023 12.0 | Mar 2024 13.7 | Jun 2024 14.2 | Sep 2024 14.3 | Dec 2024 12.5 | Mar 2025 13.5 | Jun 2025 15.6 | Sep 2025 14.9 | Dec 2025 — | Mar 2026 312.7 | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.2 | Mar 2025 4.9 | Jun 2025 19.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PSNY: Sep 2021 — | Dec 2021 — | Mar 2022 2.6 | Jun 2022 1.3 | Sep 2022 — | Dec 2022 — | Mar 2023 2.1 | Jun 2023 4.1 | Sep 2023 — | Dec 2023 3.1 | Mar 2024 0.5 | Jun 2024 3.4 | Sep 2024 3.1 | Dec 2024 3.2 | Mar 2025 3.0 | Jun 2025 2.7 | Sep 2025 3.5 | Dec 2025 2.9 | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 — | Dec 2021 — | Mar 2022 18.8 | Jun 2022 17.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- TSLA: Sep 2021 28.8 | Dec 2021 36.2 | Mar 2022 32.8 | Jun 2022 19.3 | Sep 2022 21.0 | Dec 2022 8.7 | Mar 2023 13.7 | Jun 2023 16.3 | Sep 2023 14.9 | Dec 2023 12.6 | Mar 2024 8.7 | Jun 2024 9.5 | Sep 2024 12.0 | Dec 2024 17.8 | Mar 2025 11.2 | Jun 2025 13.2 | Sep 2025 18.5 | Dec 2025 20.5 | Mar 2026 16.6 | Jun 2026 —
- GM: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.0 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 1.2 | Mar 2026 1.1 | Jun 2026 1.1
- RACE: Sep 2021 16.2 | Dec 2021 19.0 | Mar 2022 15.5 | Jun 2022 14.2 | Sep 2022 14.3 | Dec 2022 14.0 | Mar 2023 16.2 | Jun 2023 19.8 | Sep 2023 17.8 | Dec 2023 18.1 | Mar 2024 22.3 | Jun 2024 22.1 | Sep 2024 22.7 | Dec 2024 20.7 | Mar 2025 19.7 | Jun 2025 21.0 | Sep 2025 19.5 | Dec 2025 14.3 | Mar 2026 12.8 | Jun 2026 —
- F: Sep 2021 1.6 | Dec 2021 1.7 | Mar 2022 1.5 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.5 | Mar 2026 1.3 | Jun 2026 —
- RIVN: Sep 2021 — | Dec 2021 4.8 | Mar 2022 2.5 | Jun 2022 1.4 | Sep 2022 2.0 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 2.2 | Dec 2023 2.5 | Mar 2024 1.4 | Jun 2024 2.0 | Sep 2024 1.9 | Dec 2024 2.3 | Mar 2025 2.3 | Jun 2025 2.6 | Sep 2025 3.5 | Dec 2025 5.4 | Mar 2026 4.3 | Jun 2026 —
- STLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- LCID: Sep 2021 8.6 | Dec 2021 16.0 | Mar 2022 11.1 | Jun 2022 7.7 | Sep 2022 7.3 | Dec 2022 2.9 | Mar 2023 4.1 | Jun 2023 2.6 | Sep 2023 2.4 | Dec 2023 2.0 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 3.1 | Dec 2024 2.4 | Mar 2025 2.3 | Jun 2025 2.7 | Sep 2025 4.3 | Dec 2025 4.8 | Mar 2026 -9.0 | Jun 2026 —
- PSNY: Sep 2021 -19.4 | Dec 2021 -22.2 | Mar 2022 0.5 | Jun 2022 3.6 | Sep 2022 -78.1 | Dec 2022 — | Mar 2023 1.9 | Jun 2023 0.6 | Sep 2023 8.9 | Dec 2023 0.1 | Mar 2024 -0.1 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 0.0 | Mar 2025 0.0 | Jun 2025 0.0 | Sep 2025 0.0 | Dec 2025 0.4 | Mar 2026 — | Jun 2026 —
- LOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 180.6 | Jun 2024 -26.7 | Sep 2024 -9.3 | Dec 2024 -2.9 | Mar 2025 -1.1 | Jun 2025 -1.4 | Sep 2025 -1.1 | Dec 2025 -0.7 | Mar 2026 — | Jun 2026 —
- AIIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 12.9 | Mar 2023 — | Jun 2023 13.9 | Sep 2023 — | Dec 2023 36.5 | Mar 2024 — | Jun 2024 13.1 | Sep 2024 — | Dec 2024 -3.0 | Mar 2025 — | Jun 2025 -6.8 | Sep 2025 — | Dec 2025 -1.0 | Mar 2026 — | Jun 2026 —
- LVWR: Sep 2021 4.9 | Dec 2021 5.0 | Mar 2022 18.6 | Jun 2022 18.6 | Sep 2022 196.3 | Dec 2022 3.2 | Mar 2023 4.5 | Jun 2023 9.6 | Sep 2023 5.9 | Dec 2023 11.2 | Mar 2024 8.0 | Jun 2024 9.8 | Sep 2024 9.0 | Dec 2024 8.5 | Mar 2025 4.2 | Jun 2025 11.8 | Sep 2025 15.7 | Dec 2025 19.6 | Mar 2026 12.0 | Jun 2026 —
- EMPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.8 | Jun 2026 —

## Market action

General Motors Company has the strongest one-year price move in Auto Manufacturers at +71.9%. It also leads on Mansfield relative strength against the S&P 500 at +14.4%. 2 of 12 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. General Motors Company (GM): 72%
2. Ford Motor Company (F): 38%
3. Rivian Automotive, Inc. (RIVN): 35%
4. Tesla, Inc. (TSLA): 1.6%
5. Ferrari N.V. (RACE): -11%

### Strongest relative strength versus NIFTY 500
1. General Motors Company (GM): 14%
2. Ford Motor Company (F): 6.6%
3. Rivian Automotive, Inc. (RIVN): -0.7%
4. Ferrari N.V. (RACE): -5.8%
5. Tesla, Inc. (TSLA): -29%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Tesla, Inc. (TSLA) — market value ₹12.1 L Cr; latest fundamentals Mar 2026
- General Motors Company (GM) — market value ₹79.2K Cr; latest fundamentals Jun 2026
- Ferrari N.V. (RACE) — market value ₹74.9K Cr; latest fundamentals Mar 2026
- Ford Motor Company (F) — market value ₹59.6K Cr; latest fundamentals Mar 2026
- Rivian Automotive, Inc. (RIVN) — market value ₹24.0K Cr; latest fundamentals Mar 2026
- Stellantis N.V. (STLA) — market value ₹16.8K Cr; latest fundamentals Mar 2026
- Lucid Group, Inc. (LCID) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Polestar Automotive Holding UK PLC (PSNY) — market value ₹2.0K Cr; latest fundamentals Dec 2025
- Lotus Technology Inc. (LOT) — market value ₹571 Cr; latest fundamentals Dec 2025
- Robo.ai Inc. (AIIO) — market value ₹425 Cr; latest fundamentals Dec 2025
- LiveWire Group, Inc. (LVWR) — market value ₹399 Cr; latest fundamentals Mar 2026
- Empery Digital Inc. (EMPD) — market value ₹97 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Auto Manufacturers company is the biggest?

Ford Motor Company is the largest, with trailing-twelve-month revenue of $189,861 million, ahead of Tesla, Inc. at $97,879 million. That covers 8 of 12 companies with comparable reporting through Mar 2026.

### Which Auto Manufacturers company is growing fastest?

Lucid Group, Inc. has the fastest revenue growth at 61% year on year, across 8 of 12 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Auto Manufacturers company has the best profit margins?

Ferrari N.V. has the highest operating margin at 29.7%, from 8 of 12 comparable companies. LiveWire Group, Inc. shows the biggest recent improvement, at +407.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto Manufacturers company makes the most profit?

Tesla, Inc. earns the most, at $3,926 million of trailing-twelve-month net profit, from 8 of 12 comparable companies. Ferrari N.V. has the fastest profit growth at 0.9%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Auto Manufacturers company earns the highest return on capital?

Robo.ai Inc. leads on return on capital employed at 135.7%, across 12 of 12 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Auto Manufacturers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Tesla, Inc. screens cheapest at 3.73×. Only 2 of 12 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Auto Manufacturers company has the strongest balance sheet?

Robo.ai Inc. carries the lowest comparable gross debt at $27 million, from 10 of 12 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Auto Manufacturers company is investing most in new capacity?

Stellantis N.V. reports the largest capital spending at $3,540 million, across 12 of 12 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Auto Manufacturers sector beating the market?

Auto Manufacturers has underperformed S&P 500 by 16.4% over the last 52 weeks and 17% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto Manufacturers stock has the strongest price momentum?

General Motors Company has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Auto Manufacturers company scores highest for research priority?

Ford Motor Company scores 54.8 out of 100 with 72% evidence confidence, from 17.3 points on growth and earnings, 10.2 on capital efficiency, 11 on valuation and 16.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Auto Manufacturers companies does this comparison cover, and over what period?

It compares 12 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Auto Manufacturers sector?

The 12 Auto Manufacturers companies on this page carry $1,475,289 million of combined market value. Tesla, Inc. is the largest at $1,214,249 million, about 82% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Auto Manufacturers sector's P/E ratio?

The median price-to-earnings ratio across the 12 Auto Manufacturers companies on this page is 13.8×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Auto Manufacturers sector performing?

2 of the 12 covered Auto Manufacturers companies are beating S&P 500 on Mansfield relative strength. The sector itself is 16.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Auto Manufacturers stocks are listed in the US?

This comparison covers 12 listed Auto Manufacturers companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/auto-manufacturers