Why Lucid Stock Is Falling Today
Lucid (NASDAQ: LCID) stock is falling in Tuesday's trading following President Donald Trump's inauguration on Monday. The company's share price was down 5.5% as of 10:30 a.m. ET. At the same point in time, the S 500 index was up 0.3%, and the Nasdaq Composite index was flat.
At the inauguration, Trump said that he intended to declare a national energy emergency and that he would remove the electric vehicle (EV) mandate put in place by the Biden administration. That mandate would have required that by 2032, 67% of new light vehicles and 46% of medium vehicles produced in the U.S. be electric.
With the new Trump administration, U.S. policy will likely take a stance that's broadly less supportive of the EV industry. In addition to removing the mandate, it's likely that the administration will eliminate the federal subsidies and tax rebates given for the purchase of electric vehicles.
Source Fool.com
