Why Lucid Group Stock Tumbled on Tuesday
Among the stock market's many downers on Tuesday was luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID). The company's shares closed the day 0.8% lower, representing a slightly steeper fall than the S&P 500 index's 0.6% drop. Investors found some top-down news affecting the EV industry to be rather discouraging.
Over the weekend, a clutch of media reports stated that the Biden administration intends to loosen the strict vehicle emissions rules its Environmental Protection Agency (EPA) proposed in 2023. These were aimed at speeding up the adoption of EVs in an attempt at cutting emissions harmful to the environment.
The EPA aimed to have at least 60% of the U.S. auto industry's new vehicle production be composed of EVs by 2030. That percentage would rise to 67% by 2032.
Source Fool.com
