Tesla Vs. Rivian Vs. Lucid Vs. Fisker Vs. Lordstown Vs. Canoo: How BofA Says The EV Makers Stack Up


The electric vehicle field, which was once commanded by Tesla, Inc. TSLA, has become crowded.

BofA Securities analyst John Murphy drew up a comparative analysis of the EV stocks in the firm's coverage universe based on 10 criteria. Here are the findings:

Technology: Tesla, Rivian Automotive, Inc. RIVN and Lucid Group, Inc. LCID score well on technology, with Tesla's leadership a function of its first-mover advantage, Murphy said in the note.

While Rivian is very involved in technology, Lucid's technology leadership is endorsed and supported by Formula E supplier position, the analyst said.

Addressable Market: Tesla, Rivian, Lucid and Fisker, Inc. FSR rank better in terms of the addressable market, the analyst said. Tesla is pursuing the addressable market of the largest global automaker, with a 20-million-unit volume goal, the analyst noted.
Lucid is pursuing a strategy similar to Tesla of starting at a premium segment, Murphy said.

Rivian, meanwhile, is targeting consumer and commercial customers, and beyond point of initial sale and Fisker, Inc. FSR targets certain large segments, starting with CUVs and SUVs, he noted.

Canoo Inc.'s GOEV addressable market appears to be in a flux and Lordstown Motors Corp. RIDE is catering to a more narrow market, the analyst said.

Competitive Dynamics: The competitive environment is turning fiercer given the push by traditional automakers and efforts of the newer startup EV makers to leverage the significant growth opportunity, Murphy said. All the six EV makers are found wanting in this area, he added.

Go-To-Market Strategy: Tesla Lucid and Fisker, with their direct-to-consumer model, and Rivian, with its focus on capturing revenue beyond the initial point of sales, score better in terms of their marketing strategy, Murphy said.

Related Link: Is Tesla Ready To Reverse — Or Will Elon Musk's Selling Continue To Pressure The Stock?

Customers & Partnerships: Rivian, with Amazon, Inc. AMZN as its key anchor partner/customer, and Fisker, with partnerships starting with Magna International Inc. MGA and Hon Hai Precision Industry Co., Ltd. HNHPF, fare better here, Murphy said.

Commercialization: Tesla, Rivian, Lucid and Fisker have a better commercialization strategy than the others, the analyst noted.


Financial Inflection & Need And Access to Capital: Tesla alone is comfortably positioned on this front, while Rivian, Fisker and Lucid have fairly OK positioning, Murphy said. The financial positions of Canoo and Lordstown leave much to be desired, he added.

Management: Tesla, Rivian and Lucid have better management setups in place, while the other three have less experienced teams at the helm, Murphy said.

Valuation: BofA has a Neutral rating on Tesla and a $1,200 price target.

The firm rates Rivian a Buy and has a $170 price target.

The firm has a Buy rating on Lucid and a $60 price target.

BofA has a Neutral rating on Fisker and a $24 price target.

The firm has Underperform ratings on both Canoo and Lordstown and it has price targets of $5 for both companies.

Related Link: Tesla Gets A New Street-High Price Target; 'EV Maker Now Looks More Scaled Up Than Most OEMs'

A Fisker Ocean. Courtesy photo. 

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