Better EV Stock: Rivian (RIVN) vs. Lucid (LCID)
Rivian (NASDAQ: RIVN) and Lucid (NASDAQ: LCID) were two of the market's hottest electric vehicle stocks when they went public in 2021. But today, Rivian's stock trades 80% below its IPO price. Lucid, which went public through a merger with a special purpose acquisition company (SPAC), has lost nearly 70% of its value since its first trade. Should you buy either of these unloved EV stocks today in this choppy market?
Image source: Rivian.
Rivian and Lucid both overpromised and underdelivered. Before going public, Rivian claimed it could produce 50,000 vehicles in 2022. In reality, it only produced 24,337 vehicles. Lucid only manufactured 7,180 of the 20,000 vehicles it planned to produce in 2022. Both companies struggled with supply chain constraints, production issues, and soaring expenses.
Source Fool.com
