Same sector, same $10,000, same year: Rivian held nearly all of it while Lucid gave back 83.8%. Sector conviction did not protect capital; the choice of startup did.
Both companies faced the same macro conditions, so execution and staying power drove the entire gap in outcomes.
Rivian’s ride was volatile, yet an investor who held through the period finished close to whole.
Lucid’s position fell steadily for most of the period, with only small countertrend bounces along the way.
Anyone weighing early-stage EV names should size positions for that divergence rather than for the theme.
