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U.S. electric vehicle (EV) companies look set to end 2025 on a sour note, continuing their dismal run since the bubble peaked and burst in 2021. Specifically, Lucid Motors (LCID)—which completed a reverse stock split earlier this year, helping it exit the penny stock category—is down 57% year-to-date (YTD).
Lucid shares have fallen every year after the hyped listing in 2021, and 2025 looks no different, unless, of course, something dramatically changes over the next four weeks. Meanwhile, Lucid has historically traded at a premium to its U.S.-based EV peer Rivian (RIVN), but now trades at a slight discount. While both companies are currently posting net losses (and should continue to do so for the next few quarters at the least), rendering the traditional price-to-earnings ratio useless, Lucid’s forward enterprise value-to-sales multiple of 3.01x is now below that of Rivian, which trades at 3.16x. But then, does being relatively cheap make Lucid a better buy? Let’s explore.
