Overview
- Analysts now favor Rivian over Lucid, pointing to better margin traction and fewer near-term disruptions.
- Both stocks have collapsed from their 2021 highs, with Rivian down about 91.5% and Lucid down roughly 98.5%.
- Rivian still posts large net losses, but software and services have pushed its overall gross margin positive even as vehicle margins remain negative.
- Lucid increased 2025 output to 17,840 vehicles and lifted fourth-quarter deliveries to 5,345, though its scale remains small.
- Lucid recalled more than 4,400 Gravity SUVs and paused shipments for 29 days, reported a $1.1 billion Q4 operating loss and $3.5 billion for 2025, and plans sub-$50,000 midsize models later this year in a U.S. market where EV sales fell 2% last year.