The analysis compares Rivian (RIVN) and Lucid (LCID), focusing on their fundamentals. Rivian has a market cap of $16.3B and secured a $6.6B government loan plus a $5.8B joint venture with Volkswagen. Lucid's market cap is $5.9B, with a $300M deal with Uber. Both companies are unprofitable, with Rivian losing $1.1B last quarter and Lucid losing $539M. Rivian is branded as an adventure EV maker, while Lucid targets the luxury EV segment. The analysis outlines Rivian is building a tech stack and ecosystem for rugged adventurers and is vertically integrating by investing in its software, battery tech, and production. Lucid is also working on EV power trains and battery systems. The analysis notes the expansion plans and a future mid-priced SUV for RIVN, and robo-taxis for LCID. A $5.8 billion joint venture should be considered for Rivian. A $6.6 billion loan was granted by the US Department of Energy to RIVN to help to built their plant in Georgia. Rivian also opens to new customers for their delivery vans, creating new demand. High target price is $21 and the one for LCID is $30.