Better EV Stock: Rivian vs. Lucid
Which of these fallen electric vehicle makers deserves a second look?
Rivian Automotive (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) were once two of the market's hottest electric vehicle (EV) stocks. Rivian went public at $78 per share in November 2021, and its stock more than doubled to its record closing price of $172.01 a week after its IPO. Lucid went public by merging with a special purpose acquisition company (SPAC) in July 2021. Its shares opened at $25.24 a share and more than doubled to a record closing price of $55.52 just four months later.
But today, Rivian and Lucid stocks trade at about $16 and $3, respectively. Both companies broadly missed their own ambitious production estimates, struggled with supply chain constraints, and racked up persistent losses.
Should you buy either of these fallen stocks as a turnaround play?
