Rivian and Lucid are facing an uphill battle as the EV industry comes under pressure from rising costs and receding government incentives. But Rivian could come out ahead of Lucid if it stays the course.

It wasn't all that long ago that electric vehicles were having their day in the sun. EV start-ups, including Rivian ( RIVN 0.04% ) and Lucid ( LCID -1.19% ) , went public just a few years ago to much fanfare, and their share prices rose relatively quickly.

At the same time, the government was making new investments in EV infrastructure charging and boosting consumer interest with EV tax credits. Those incentives, along with increased government emissions regulations, also made it a hospitable environment for significant capital to be invested in new electric vehicles.

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