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EV Stocks Plunge As Trump Plans To Kill Incentives

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Much of Tesla's post-election gains were wiped out and EV start-ups Rivian and Lucid also took a hit as Trump plans to end EV tax credits.

The news of the potential death of the consumer credits for electric vehicle sales is sending shockwaves across the U.S. auto industry. Share prices of EV makers, including Tesla, are plummeting, incumbent federal officials are ringing alarm bells and automakers are bracing for the incoming Trump administration with leadership changes within their organizations to better prepare for what could be a bumpy road ahead.

operations as the CEO and President of Hyundai Motor Company, effective January 1. This would be the first time a foreign national is the CEO of a major South Korean automaker. New Hyundai and Kia EVs don't qualify for the federal tax credit, but the automaker has been the second best-selling EV maker in the U.S. behind Tesla so far this year. The automaker also built a $7.6 billion EV plant in Georgia, where the 2025 Ioniq 5 has entered production for the first time on U.S. soil.

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