Lucid vs Rivian Automotive: Revenue, Profit and Business Model
Lucid reported $1.4B of revenue in FY2025 and a net loss of $2.7B. Rivian Automotive reported $5.4B of revenue in FY2025 and a net loss of $3.6B.
Latest financial snapshot
Lucid
- Latest revenue
- $1.4B (FY2025)
- Net income
- -$2.7B
- Net margin
- -199.3%
- Revenue growth
- +158.0% a year, FY2019–FY2025
Rivian Automotive
- Latest revenue
- $5.4B (FY2025)
- Net income
- -$3.6B
- Net margin
- -67.7%
- Revenue growth
- +214.6% a year, FY2021–FY2025
Financial summary
Lucid
Lucid is growing revenue but remains deeply loss-making. Revenue rose from $595M in 2023 to $808M in 2024 and $1.354B in 2025, while net losses stayed near $2.7B a year. In Q2 2026 revenue reached $405M (up 56% year over year) on 3,953 deliveries, but adjusted EBITDA was a loss of about $901M and total liquidity fell to roughly $3B. The company relies on outside capital: an April 2026 raise of about $1.05B included $550M from a PIF affiliate, $200M from Uber and a $300M public offering.
Rivian Automotive
Rivian went public in November 2021, raising about $11.9B at $78 per share, then lost $6.75B in 2022 as production ramped slowly. Losses have narrowed each year since: $5.43B in 2023, $4.75B in 2024 and $3.65B in 2025, when the company posted positive full-year gross profit. Q2 2026 gross margin reached 11%, but automotive gross profit was still negative $36M and free cash flow was negative $849M as R2 inventory built up. Cash and short-term investments were $5.31B at June 30, 2026, before a roughly $1.3B follow-on share sale in July.
Revenue and profit by year
Lucid
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.4B | -$2.7B | -199.3% | +67.6% | Source |
| FY2024 | $807.8M | -$2.7B | -336.0% | +35.7% | Source |
| FY2023 | $595.3M | -$2.8B | -475.1% | -2.1% | Source |
| FY2022 | $608.2M | -$1.3B | -214.5% | +2143.3% | Source |
| FY2021 | $27.1M | -$2.6B | -9515.6% | +581.9% | Source |
| FY2020 | $4M | -$719.4M | -18093.1% | -13.4% | Source |
| FY2019 | $4.6M | -$277.4M | -6042.6% | — | Source |
Rivian Automotive
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.4B | -$3.6B | -67.7% | +8.4% | Source |
| FY2024 | $5B | -$4.7B | -95.5% | +12.1% | Source |
| FY2023 | $4.4B | -$5.4B | -122.5% | +167.4% | Source |
| FY2022 | $1.7B | -$6.8B | -407.2% | +2914.5% | Source |
| FY2021 | $55M | -$4.7B | -8523.6% | — | Source |
Where the revenue comes from
Lucid
- Vehicle Sales and Leasing
Sales and leases of Lucid Air and Gravity vehicles through Lucid's direct retail model.
- Service, Parts, and Accessories
Post-sale service, replacement parts, accessories, and customer support tied to Lucid's installed vehicle base.
- Technology Partnerships
Technology supply and licensing, including Lucid's powertrain and battery agreement with Aston Martin, plus regulatory credit sales.
Rivian Automotive
- vehicle sales
- commercial vans
- software and services
- charging
- regulatory credits
- technology collaboration
Business model and strategy
Lucid
How it makes money
Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers. Smaller revenue lines include service, parts and accessories, regulatory credit sales ($25.4M in Q2 2026) and technology supply deals such as its powertrain and battery agreement with Aston Martin.
Growth strategy
Lucid is trying to move from a low-volume luxury sedan maker to a broader vehicle company. The Gravity SUV now makes up most deliveries, a lower-priced midsize platform is planned to follow, and the Uber robotaxi commitment of at least 35,000 vehicles offers a fleet channel. Under the 2026 operational reset, management is cutting costs, consolidating Arizona production to one shift and prioritizing cash over volume.
Competitive advantage
Lucid's edge is in-house powertrain engineering. Its compact motors, inverters, 900V-class battery architecture and efficiency software give the Air some of the longest EPA range ratings of any production EV and free up cabin space. That technology has been strong enough to license to Aston Martin and to win Uber's robotaxi program, but it has not yet produced a cost base that lets Lucid make money on each car.
Rivian Automotive
How it makes money
Rivian makes money in two reported segments. Automotive (vehicle sales, regulatory credits and used vehicles) produced $1.143B of Q2 2026 revenue: R1T, R1S and R2 are sold direct to consumers without franchised dealers, and electric delivery vans go to Amazon and other commercial fleets.
Growth strategy
Rivian's growth plan centers on the R2, a mid-size SUV with roughly half the bill of materials of an R1, built first at an expanded Normal, Illinois plant to save more than $2.25B versus waiting for Georgia.
Competitive advantage
Rivian's edge is a purpose-built EV platform with in-house zonal electrical architecture, software and drive units, which Volkswagen Group validated by agreeing to invest up to $5.8B in a joint venture built on that stack. Amazon's van program gives it a steady commercial customer, and the R1 brand has strong owner loyalty in premium electric trucks and SUVs.
Questions about Lucid vs Rivian Automotive
Which company has higher revenue — Lucid Group, Inc. or Rivian Automotive?
Lucid Group, Inc. reported $1.4B (FY2025), while Rivian Automotive reported $5.4B (FY2025). By last reported revenue, Rivian Automotive is the larger business, with Lucid Group, Inc. reporting a smaller revenue base.
What is the market cap of Lucid Group, Inc. vs Rivian Automotive?
Lucid Group, Inc.'s market capitalisation stands at $1.6B, while Rivian Automotive's is $22.0B. Rivian Automotive carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lucid Group, Inc..
Which is more financially efficient — Lucid Group, Inc. or Rivian Automotive?
Lucid Group, Inc. generates $208k / employee in revenue per employee, while Rivian Automotive generates $354k / employee. Rivian Automotive shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Lucid Group, Inc. and Rivian Automotive make money?
Lucid Group, Inc. and Rivian Automotive generate revenue in fundamentally different ways. Lucid Group, Inc.: Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers. Rivian Automotive: Rivian makes money in two reported segments.
Which company is valued higher relative to revenue — Lucid Group, Inc. or Rivian Automotive?
On a price-to-sales (P/S) basis, Lucid Group, Inc. trades at 1.2x P/S and Rivian Automotive at 4.1x P/S. Rivian Automotive commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Lucid Group, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Lucid Group, Inc. bigger than Rivian Automotive?
By last reported revenue, Rivian Automotive ($5.4B (FY2025)) is the larger company compared to Lucid Group, Inc. ($1.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Lucid vs Rivian Automotive overview