Rivian vs. Lucid: Which EV Stock Looks a Better Bet after Q1 Earnings?

Investors are closely watching the electric vehicle sector after Rivian (RIVN) and Lucid (LCID) reported their latest quarterly results. While both EV startups continue to face pressure from slowing EV demand and high costs, the latest earnings reports showed a clear difference in execution and financial performance.

Rivian delivered a much stronger quarter with a narrower-than-expected loss and steady progress on its lower-cost R2 platform. Meanwhile, Lucid continued to struggle with delivery disruptions, weak margins, and larger losses.

Using the TipRanks Stock Comparison Tool, we compared Rivian and Lucid to see how Wall Street currently views both EV startups. While both stocks carry Hold consensus ratings from analysts, Lucid offers higher upside potential of roughly 65%, compared with about 30% upside for Rivian. The higher upside for LCID stock likely reflects the stock’s sharp decline over the past year (down 81%) and expectations for a potential recovery if the company improves execution.

Rivian Shows Better Execution

Rivian shares have lost about 35% year to date. Recently, Rivian reported better-than-expected Q1 earnings results, with Q1 revenue of $1.38 billion , up 11% year-over-year and roughly in line with Wall Street expectations. The company also posted a GAAP net loss of $0.33 per share, much better than analyst expectations for a loss of $0.63 per share.

One of the biggest positives came from Rivian’s software and services business, where revenue jumped 49% year-over-year to $473 million. The company also confirmed that production of its lower-priced R2 platform has started ramping up. Rivian maintained its full-year delivery forecast of 62,000 to 67,000 vehicles and ended the quarter with about $5.39 billion in liquidity.

Is RIVN Stock a Buy Now?

Wall Street analysts remain somewhat divided on Rivian, but several continue to see long-term potential tied to the R2 launch. Following the Q1 print, Needham analyst Chris Pierce reiterated a Buy rating on RIVN stock with a price target of $23, citing “R2 now transitioning from narrative to reality as saleable production begins and customer deliveries approach.” The analyst noted that early signs of vehicle readiness indicate Rivian can grow beyond its core audience, but successful execution will be critical.

However, some analysts remain cautious due to ongoing cash burn and a difficult North American EV market. On the Street, Rivian carries a Hold consensus rating based on 18 analysts’ reviews. The average RIVN stock price target is $17.78, implying a 29.48% upside from current levels.

Lucid Still Faces Delivery and Margin Pressure

Meanwhile, Lucid shares have declined 47% year to date. Lucid reported weak Q1 results, with revenue of $282.5 million, up 20% year-over-year but well below Wall Street expectations of $377 million. The company also posted an adjusted loss of $2.82 per share, missing analyst expectations for a loss of $2.30 per share.

Lucid said a supplier issue tied to its Gravity SUV disrupted deliveries during the quarter. While the company produced about 5,500 vehicles, it delivered only 3,093 units. Margins also remained under pressure, with Lucid reporting a negative GAAP gross margin of 110% due to high costs and inventory write-downs. As a result of these challenges, Lucid took the drastic step of suspending its full-year 2026 production guidance.

Is Lucid Stock a Buy or Sell Now?

Following the earnings report, Morgan Stanley lowered its price target on Lucid stock and warned that shares could remain under pressure until management provides a clearer outlook. However, Citi said Lucid’s longer-term plans remain intact, especially as production ramps up at its Saudi Arabia facility.

On the Street, Lucid carries a Hold consensus rating based on 11 analysts’ reviews. The average LCID stock price target is $9.36, implying a 65% upside from current levels.