The analysis reviews Rivian and Lucid, focusing on their sales and operating margins. Rivian's sales are expected to be flat or declining in 2025, with trailing 12-month sales at $5.2 billion. The management forecasts lower production this year than last year. A discounted valuation model suggests an intrinsic value of $3.45, while the current market price is $13.60, indicating overvaluation. Lucid is generating growth, with $900 million in trailing 12-month revenue, and is ramping up production of its Gravity SUV. A discounted valuation model yields an intrinsic value of $12, versus a current market price of $19.84, suggesting overvaluation. Therefore, the analyst does not want to own any of those, and if forces to choose one, would prefer Rivian.