Among the slew of companies trying to stake their claim in the electric vehicle (EV) market is Rivian Automotive (NASDAQ: RIVN). With its focus on manufacturing SUVs and trucks tailored for outdoor enthusiasts, as well as commercial vans for businesses, its debut on the stock market in 2021 was one of the most highly anticipated in decades. Raising nearly $12 billion, it was the most valuable initial public offering (IPO) for an American company since Meta in 2012.

But since then, it's safe to say the hype has worn off. Its stock is down more than 80% as it tries to overcome the difficult challenges that accompany mass-producing EVs. While it is showing signs of improvement, Rivian has yet to turn a profit. With an inability to generate income, the company has seen its cash position reduced by more than 50% in just two years. If something doesn't change quickly, the company faces an uncertain future.

For the time being, Rivian remains a risky bet for investors looking for EV market exposure. Maybe one day, the company will turn it around, but for now there are better options out there for investors in the EV sector. Let's look at two of them.

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Source Fool.com