As electric vehicle market leader Tesla, Inc. (NASDAQ:TSLA) pushes well ahead of the competition, the upstarts are left to fight it out for the distant second slot. Benzinga took a look at two of the U.S. EV startups namely, Rivian Automotive, Inc. (NASDAQ:RIVN) and Newark, California-based Lucid Group, Inc. (NASDAQ:LCID), that have shaken off the early commercialization jitters but are still grappling with production ramp-up.
Is there light at the end of the tunnel, or is the economic uncertainty adding to the gloominess? Here's what the numbers tell.
RIVN Vs. LCID: How Stocks Fared Over Past Year
Irvine, California-based Rivianis a manufacturer of electric SUVs, delivery vans, and pickup trucks, while Lucid has positioned itself as a manufacturer of luxury EVs.
A comparison of stock price performance since Sept. 2022 shows that Rivian and Lucid continued to head southward through the end of 2022. Although a short-lived recovery followed from their early-January highs, both resumed the downtrend in late June.
A rebound attempt helped both stocks recoup some of their losses. By mid-July, the two began to diverge. While Rivian managed to hit a near-term high around late July and has been seeing a consolidation move since then. Lucid has been tracing another downward move.
Figure: Comparison of market price trajectory of RIVN and LCID over a period of one year.
Credit: Neer Varshney /Benzinga
RIVN Vs. LCID: How Much $100 Investment A Year Ago Is Worth
As an extension of the stock price performance, the returns ...