Rivian (RIVN +7.55%) and Lucid (LCID +9.97%) are two high-profile electric vehicle start-ups. They have each achieved a lot in a relatively short period of time. However, one of these two companies looks much closer to turning a sustainable profit than the other. Here's what you need to know as you compare these two EV makers.
Taking on industry giants
Like Tesla (TSLA +8.49%) before them, Rivian and Lucid are attempting to use new technology to break into the highly competitive, capital-intensive automotive sector. The big difference is that Tesla did that when there was virtually no competition in the electric vehicle space. Now, every major automaker offers an EV option, and there are a number of profitable EV-focused companies, including Tesla.
Image source: Getty Images.
It is going to be much harder for Rivian and Lucid to do what Tesla did. That's a big problem, given that Tesla produced more than 1.6 million vehicles in 2025. By comparison, Rivian produced just over 42,000 vehicles in 2025, and Lucid produced just 18,000 or so. Rivian and Lucid, even if you added them together, are just rounding errors compared to Tesla.
Rivian and Lucid have a lot more work to do
Still, Rivian is clearly further along in its development. Not only has it achieved scale production, but it is planning to introduce a lower-price truck in 2026 that could broaden the brand's appeal. And, notably, it has turned a gross profit, meaning that it makes more from selling its EVs than it costs to build them.
NASDAQ: RIVN
Key Data Points
Lucid is nowhere near that goal, with its cost of revenue exceeding revenue by more than $1 billion in 2025. Production-wise, it is also falling short, with the company repeatedly missing its goals. The most recent production miss came in the first quarter of 2026, when supplier issues left it in the lurch.
NASDAQ: LCID
Key Data Points
Rivian looks like the better choice in this EV matchup right now. However, you can't ignore the fact that they are both money-losing start-ups. In other words, Rivian appears to be further along in its development, but it is still a risky investment. Lucid is as risky, if not more risky. Both companies have a lot more work to do before they have proven they are sustainably profitable businesses.
Only appropriate for aggressive investors
Rivian and Lucid have made impressive achievements. However, the end goal of producing positive earnings remains a long way away for each company. Neither one is appropriate for risk-averse investors. That said, given Rivian's position relative to Lucid, it seems like a better EV start-up investment today.
