Tesla Is Down 20% in 2026. These Two Other EV Makers Are Doing Even Worse.

Electric vehicle (EV) makers have had a hard year on Wall Street, and Tesla (NASDAQ:TSLA | TSLA Price Prediction) stock is a clear case in point. Two smaller rivals, Rivian Automotive (NASDAQ:RIVN) and Lucid Group (NASDAQ:LCID), have seen their shares fall even further than Tesla stock, which points to pressure aimed directly at the companies that build the cars.

Tesla stock is down 20% this year to $357.68. At the same time, Tesla shares are up 0.8% on today’s session, a small bounce that does little to change the larger picture for the stock.

For comparison, Rivian stock is down 24% this year to $14.90, a deeper slide than the one in Tesla stock. Worse yet, Lucid stock is down 60% this year to $4.18, the steepest drop of the three EV makers.

What the Fund Figures Show

The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 12% this year, leaving Tesla, Rivian and Lucid stock trailing the broad market, so the selling reflects something specific to the manufacturers.

Spread across autonomous driving, semiconductors, batteries, software and vehicle technology, the Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) is up 13% this year. A fund built around the hardware and software inside the car is higher while all three automakers are lower, which suggests money has moved to the technology layer and away from the companies assembling the vehicles.

How Tesla, Rivian and Lucid Compare

The decline in Tesla stock is the smallest of the three. Beyond cars, Tesla sells battery energy storage systems, solar panels and related services, which gives the company a broader business base than either smaller rival.

In the middle sits Rivian stock, whose 24% slide this year runs deeper than the drop in Tesla stock but avoids the kind of collapse seen at Lucid.

Lucid shares stand apart with a 60% drop this year, by far the deepest decline in the group. A loss of that size tells stockholders the market is questioning Lucid’s path forward far more sharply than it questions Tesla or Rivian. At $4.18, Lucid stock reflects how much confidence has drained from the name.

What the Gap Means for Investors

The bull case for Tesla rests on relative strength, since Tesla stock has held up better than Rivian and Lucid shares during a difficult stretch for EV makers. A bear case is just as easy to build, because Tesla shares still trail both DRIV and SPY this year, leaving the stock with ground to recover. Rivian stock and Lucid stock face an even steeper climb, and LCID stock carries the most risk of the three.

Signs that money moved into the technology layer begins reaching the three automakers are worth watching. Any catch-up could favor Rivian stock and Lucid stock first, since those names have the most ground to recover, though that’s also where the risk runs highest.

Investors will want to stay tuned to find out whether the slide in Lucid stock steadies. Investors weighing their exposure should adjust their holdings carefully, given that even Tesla stock trails the DRIV and SPY ETFs this year.

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