Lucid Passes Rivian in Market Cap for The First Time, But Which EV Stock Is the Better Buy For 2022?

On Wednesday, Lucid Group (NASDAQ: LCID) passed Rivian Automotive (NASDAQ: RIVN) in market capitalization for the first time since Rivian went public on Nov. 10, 2021. After a further sell-off on Thursday, Lucid is now worth $5 billion more than Rivian, and share prices of Rivian are now down nearly 20% from their initial public offering price of $78 per share. In roughly two months, Rivian stock has fallen from a peak market cap of over $150 billion to less than $60 billion and is down over 60% from its all-time high.