Transportation
Rivian, Lucid to Benefit From Trump Tax Bill, BNP Paribas Says
Rivian R1S and R1T electric vehicles at a dealership and service center in San Francisco.
Photographer: David Paul Morris/BloombergShares of Rivian Automotive Inc. and Lucid Group Inc. gained as much as 4.6% and 8.8%, respectively, on Thursday as BNP Paribas sees the EV makers benefiting from President Donald Trump’s tax and spending bill ending electric vehicle tax credits.
The bill, which was passed by the US Senate and is expected to be passed by the House of Representatives on Thursday, would end the $7,500 electric vehicle consumer tax credit after Sept. 30. Getting rid of the tax credit is projected to lead to a drop in demand for electric vehicles later in the year, but not all automakers are expected to be impacted equally.