Lucid and Rivian are trading lower as Senate Republicans work to appease tax bill holdouts
Rivian and Lucid are both down on Tuesday as investors watch Senate Republicans work feverishly to pass President Trump’s “big, beautiful bill.”
Senate Majority Leader John Thune on Tuesday told reporters that Republicans seem to have an agreement on the bill ahead of additional voting.
Electric vehicle tax credits, battery manufacturing subsidies, and charger network budgets could all be gutted if Senate Republicans successfully manage to pass the bill. The latest draft included more bad news for EV makers and customers: the $7,500 tax incentive would end on September 30 rather than the end of the year.
The Trump-Musk feud reigniting probably squashes any remaining investor hopes of last-minute changes on that front.
Lucid and Rivian vehicles are typically ineligible for the tax credit outside of leasing exemptions, but Rivian’s upcoming R2 SUV (expected to start at $45,000) would make the cut — if the credit still exists when it comes out.
