Shares of Lucid Group Inc (LCID) plunged 6.64% on Wednesday during the intraday trading session, underperforming the broader market. The electric vehicle (EV) maker's stock was caught in the crossfire as President Donald Trump scrapped key policies aimed at promoting EV adoption that were enacted by the previous administration.
In one of his first acts after being sworn in, Trump revoked 78 executive orders issued by former President Joe Biden, including a mandate that required half of all new U.S. cars manufactured by 2030 to be electric. This policy reversal sent shockwaves through the EV sector, with Lucid and other prominent players like Rivian seeing their stocks tumble. In contrast, traditional automakers like General Motors and Ford saw their shares rise in response to the news.
Trump also directed his administration to review "unfair subsidies" and "market distortions" that favor EVs, potentially putting EV tax credits and other incentives on the chopping block. While Tesla CEO Elon Musk downplayed the impact on his company, suggesting Tesla's focus on autonomy would insulate it, analysts believe the policy changes could create significant headwinds for Lucid and other EV startups trying to gain a foothold in the market.
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