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Trump's tax plan won't help Tesla, but 2 other EV companies got a stock boost
Trump's tax plan won't help Tesla, but 2 other EV companies got a stock boost

Yahoo

timea day ago

  • Automotive
  • Yahoo

Trump's tax plan won't help Tesla, but 2 other EV companies got a stock boost

Rivian and Lucid stocks rose after Trump's tax bill passed in the House. The bill extends 2017 tax cuts and ends $7,500 EV tax credits in the fall. Analysts say the credit cut could decrease Tesla's sales volume even further. President Donald Trump's tax bill led to a big stock boost for two Tesla rivals. American electric vehicle makers Rivian and Lucid rose as much as 4.6% and 8.8%, respectively, on Thursday. The gains came after an analyst note from BNP Paribas said that the two companies stand to benefit from Trump's tax bill ending EV tax credits. On Thursday, the House passed the final version of the bill, which would extend the president's 2017 tax cuts and make key changes to the tax system. The bill would also end the $7,500 EV tax credit awarded to buyers on September 30. The tax credit removal is expected to lower demand for EVs, and bigger automakers could be hit harder. Per the new bill, cars made by companies that sold more than 200,000 accepted EVs between December 31, 2009, and December 31, 2025, do not qualify for the tax credit. Tesla delivered more than 336,000 vehicles in the first quarter of 2025 alone. Rivian delivered 8,000 vehicles in the same quarter, while Lucid delivered 3,109 vehicles. Like Tesla, Rivian has been struggling with deliveries. Rivian's cars don't qualify for the tax credit, but the company has relied on a leasing loophole for customers to use it. Rivian does not qualify because a requirement mandates that a significant portion of the car battery's materials should be sourced from the US or its trade partners. Lucid vehicles qualify for the $7,500 federal EV tax credit . Tesla and Lucid are down 22% and 28.5% so far this year. Rivian's stock is down 2% in the same time period. The loss of the EV tax credit could be a big hit to Tesla, analysts say. Last month, Seth Goldstein, an equity strategist at Morningstar, told Business Insider that the expedited elimination of the EV tax credit would be "the biggest area that could impact Tesla." "Consumers have increased long-range EV choices at similar price points as Tesla," Goldstein said. "It's on Tesla to make the case for consumers to even slightly pay up today versus some other EVs." Goldstein added that tax credit elimination could decrease sales volume, which the automaker has been struggling with. JPMorgan analyst Ryan Brinkman wrote in a note last month that Trump's bill, combined with other proposed legislation, including ending the California Air Resources Board Program, threatened more than half of Tesla's 2025 profits. Brinkman said that the $7,500 consumer tax made up 19% of Tesla's 2024 earnings before interest and tax. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Slate Auto's electric pickup is no longer ‘under $20,000' — thanks, Donald
Slate Auto's electric pickup is no longer ‘under $20,000' — thanks, Donald

The Verge

timea day ago

  • Automotive
  • The Verge

Slate Auto's electric pickup is no longer ‘under $20,000' — thanks, Donald

Slate Auto's American-made electric pickup — the one with no paint, no stereo, and no touchscreen — is no longer priced 'under $20,000.' The increase is a result of Trump's 'Big, beautiful bill,' which will end the federal EV tax credits on September 30th when signed into law later today. That sub-$20,000 price for the Indiana-built pickup was a big selling point for the EV startup backed by Jeff Bezos, and was only possible after applying the $7,500 tax credit to the retail price. The price promotion was scrubbed from the Slate Auto site as recently as yesterday, according to TechCrunch. The website now shows an expected price of 'mid-twenties.' Slate's under $20,000 price tag for a vehicle it won't start delivering until late 2026 was always accompanied by an asterisk, with fine print highlighting federal incentives that were 'subject to change.' And change was certainly expected: Trump campaigned heavily on the promise to end President Biden's fictitious 'EV mandate,' because electric cars are for socialists in MAGA world. Trump's embrace of oil and gas, while simultaneously dismantling incentives meant to spur the adoption of EVs and clean energies, is a gift to Chinese makers of electric cars, solar panels, and batteries. The US is now on course to own the past while China is firmly positioned to dominate the future.

Slate Auto drops ‘under $20,000' pricing after Trump administration ends federal EV tax credit
Slate Auto drops ‘under $20,000' pricing after Trump administration ends federal EV tax credit

Yahoo

time2 days ago

  • Automotive
  • Yahoo

Slate Auto drops ‘under $20,000' pricing after Trump administration ends federal EV tax credit

Slate Auto, the electric vehicle startup backed by Jeff Bezos, has stopped promoting that its upcoming pickup truck will start 'under $20,000' following passage of President Trump's tax cut bill. The bill, which is expected to be signed into law by Trump on July 4, will cause the federal EV tax credit to end in September — a $7,500 incentive that Slate had counted on to help its all-electric pickup clear that mark. When Slate came out of stealth mode in April, the startup heavily promoted that its all-electric pickup would start at 'under $20,000' with the $7,500 federal EV tax credit. That language was still on Slate's website as recently as yesterday according to the Web Archive. The change is a potential blow to the young company's attempt to make a radically affordable electric vehicle. Slate didn't provide a precise price for the EV at its launch event; and it has yet to say what the actual starting price of its vehicle will be, sans-credit. A Slate spokesperson declined to comment on the change. The company won't start building the truck until the end of 2026 at the earliest. Slate's business is also built around making this vehicle highly customizable, which means it's possible that few people will buy the base model to begin with. The sub-$20,000 price had been a big attraction point for the brand new company's product, and it was a major focus following its April launch event. The auto industry has 'driven prices to a place that most Americans simply can't afford,' chief commercial officer Jeremy Snyder said during the event. 'But we're here to change that.' 'We are building the affordable vehicle that has long been promised but never been delivered,' CEO Chris Barman added at the time. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Slate Auto drops 'under $20,000' pricing after Trump administration ends federal EV tax credit
Slate Auto drops 'under $20,000' pricing after Trump administration ends federal EV tax credit

TechCrunch

time2 days ago

  • Automotive
  • TechCrunch

Slate Auto drops 'under $20,000' pricing after Trump administration ends federal EV tax credit

Slate Auto, the electric vehicle startup backed by Jeff Bezos, has stopped promoting that its upcoming pickup truck will start 'under $20,000' following passage of President Trump's tax cut bill. The bill, which is expected to be signed into law by Trump on July 4, will cause the federal EV tax credit to end in September — a $7,500 incentive that Slate had counted to help its all-electric pickup to clear that mark. When Slate came out of stealth mode in April, the startup heavily promoted that its all-electric pickup would start at 'under $20,000' with the $7,500 federal EV tax credit. That language was still on Slate's website as recently as yesterday according to the Web Archive. The change is a potential blow to the young company's attempt to make a radically affordable electric vehicle. Slate didn't provide a precise price for the EV at its launch event; and it has yet to say what the actual starting price of its vehicle will be, sans-credit. A Slate spokesperson declined to comment on the change. The company won't start building the truck until the end of 2026 at the earliest. Slate's business is also built around making this vehicle highly customizable, which means it's possible that few people will buy the base model to begin with. The sub-$20,000 price had been a big attraction point for the brand new company's product, and it was a major focus following its April launch event. The auto industry has 'driven prices to a place that most Americans simply can't afford,' chief commercial officer Jeremy Snyder said during the event. 'But we're here to change that.' Techcrunch event Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW 'We are building the affordable vehicle that has long been promised but never been delivered,' CEO Chris Barman added at the time.

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