Lucid Motors overtaken Rivian’s market capitalization

Lucid Motors has overtaken EV pickup truck maker Rivian to become the world’s second-most valuable EV manufacturer.

Lucid Motors has overtaken Rivian’s market capitalization for the first time since the latter company’s IPO debut on November 10th, 2021, a recent report revealed.

Originally sold at $78 per share, RIVN reached heights of $172 before a long and sustained slide brought it to the level around $65 where it rests today. Wednesday marked the first time that Lucid’s market cap exceeded Rivian’s, which it currently does by nearly $5 billion. Lucid Motors is worth $63.15 billion while Rivian sits at $58.30 B, making them the tenth- and eleventh-most valuable car companies in the world.

Rivian charged out of the gate at its IPO as the latest in a line of promising EV manufacturers with compelling products and promises of big deals to come in the future. The deals are still on and the R1T’s still a very compelling truck, but the stock now trades 60% lower than it did at its all-time high of $172, taking the company from a $150 billion+ market cap down to around $60 B.

Lucid has faced its own issues recently, with customers reporting delayed deliveries and poor communication from the company regarding when they’d receive their Air Dream Editions. The news that the company was the focus of an SEC investigation surrounding, among other things, reservation numbers given to investors didn’t help its share price, and at this point I’d think it fairly safe to say that Lucid did not meet its target of all 520 Dream Edition sedans delivered by year’s end.

Despite these problems, Lucid hasn’t experienced the same turn of fortunes as Rivian, and seems to be the safer bet moving forwards. The lockup period for its earliest shareholders expired yesterday, but we’re yet to see any evidence of large scale sell-offs. By moving ahead of Rivian, Lucid becomes the world’s second-most valuable EV manufacturer, trailing only to runaway leader Tesla.