Over the past six months, Rivian (RIVN) and Lucid (LCID) have returned -15% and -63%, while the State Street SPDR S&P 500 ETF Trust returned 14%. Rivian has begun delivering its R2 midsize SUV, with the $58,000 launch edition, logged a company-record 57,000 demo drives in Q2, and expects to move to a second shift at its Illinois plant by the end of Q3. Management believes higher R2 volumes can help the automotive business reach positive gross profit by the end of 2026, though Rivian still expects a substantial adjusted EBITDA loss this year. Lucid reported $405 million in Q2 revenue, up 56%, but a negative 105% gross margin, a $300 million inventory impairment, and a $1.476 billion quarterly free cash outflow. Lucid trades at 0.91x sales versus 3.23x for Rivian, and the article argues that its discount reflects unproven vehicle economics, with liquidity expected to last well into 2027.
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