Why Lucid Stock Fell 9% This Week
Shares of the electric vehicle start-up Lucid Group (NASDAQ: LCID) fell 9.4% this week, according to data from S&P Global Market Intelligence, as President Trump rescinded mandates for electric vehicle (EV) production in the U.S. and indicated he might eliminate tax incentives for electric vehicles.
Earlier this week, President Trump revoked a 2021 executive order signed by former President Biden, which set a non-legally-binding goal for 50% of all new vehicles sold in the U.S. to be electric.
Additionally, Trump halted the spending of $5 billion from a fund set up to expand electric vehicle charging in the U.S. and has indicated that he wants to roll back EV tax credits worth up to $7,500.
Source Fool.com
