BrimstoneNJ
Well-Known Member
- First Name
- Dan
- Joined
- Oct 17, 2021
- Threads
- 5
- Messages
- 48
- Reaction score
- 53
- Location
- New Jersey
- Vehicles
- 2021 Shadow Black SR RWD, 57 Ford Thunderbird ICE
- Occupation
- Retired Architect
- Thread starter
- #1
Shares of electric vehicle companies tumbled Monday following the apparent failure of President Joe Biden's "Build Back Better" plan that includes significant incentives for the growing sector.
The stocks of EV start-ups such as Lordstown Motors, Faraday Future and Nikola all shed more than 7% Monday. Rivian Automotive, which went public through a blockbuster IPO last month, hit a new low Monday of $88.40 a share.
Shares of other automakers such as Tesla and General Motors – both of which no longer qualify for federal EV tax credits but would have under Build Back Better – also lost ground during the trading session.
The EV incentives under the Build Back Better plan include up to $12,500 per vehicle and are viewed as critical to spur consumer demand in EVs, which are priced far higher then their traditional internal combustion engine counterparts.
https://www.msn.com/en-us/money/companies/electric-vehicle-stocks-tumble-after-manchin-rejects-biden-s-climate-and-social-plan/ar-AAS0fy3
Note: Ford, which sells a lot more than EVs, is down only 1.7%
The stocks of EV start-ups such as Lordstown Motors, Faraday Future and Nikola all shed more than 7% Monday. Rivian Automotive, which went public through a blockbuster IPO last month, hit a new low Monday of $88.40 a share.
Shares of other automakers such as Tesla and General Motors – both of which no longer qualify for federal EV tax credits but would have under Build Back Better – also lost ground during the trading session.
The EV incentives under the Build Back Better plan include up to $12,500 per vehicle and are viewed as critical to spur consumer demand in EVs, which are priced far higher then their traditional internal combustion engine counterparts.
https://www.msn.com/en-us/money/companies/electric-vehicle-stocks-tumble-after-manchin-rejects-biden-s-climate-and-social-plan/ar-AAS0fy3
Note: Ford, which sells a lot more than EVs, is down only 1.7%
Sponsored
