Overview
- Lucid’s forward enterprise value‑to‑sales multiple sits near 3.01x compared with Rivian’s 3.16x, reversing a long‑standing valuation premium.
- LCID shares are down about 57% year to date after a reverse stock split earlier in 2025 that lifted the stock out of penny‑stock territory.
- Both companies remain unprofitable and continue to burn cash, leading to recurring capital raises that dilute existing shareholders.
- The phaseout of the federal EV tax credit under the Trump administration is expected to weigh on demand, and Tesla’s CEO has warned of “a few rough quarters.”
- Rivian is described as stronger than Lucid on profitability trends and capital management despite ongoing losses at both start‑ups.