The past week has been a rollercoaster for the electric vehicle (EV) industry. With President Trump’s inauguration, the market has been on edge, anticipating potential changes to the EV tax credit. Meanwhile, Tesla Inc. TSLA CEO Elon Musk has been stirring up excitement with updates on Tesla’s Full Self-Driving (FSD) technology. Let’s dive into the top stories of the week.
Trump’s Potential EV Tax Credit Changes
Tesla researcher Troy Teslike outlined three potential scenarios for the $7,500 tax credit currently available for new EV purchases under the Trump administration. These possibilities range from restricting the tax credit’s reach to fewer EV models or customers to immediate eligibility criteria changes and potential cancellation of the tax credit within six months.
Trump’s EV Policy Impact on Rivian and Lucid
Shares of Rivian Automotive Inc. RIVN and Lucid Group Inc. LCID took a hit following President Trump’s announcement of significant EV policy changes. According to the technical analysis of daily moving averages from Benzinga Pro, Rivian's stock is under short-term pressure with longer-term support. Whereas, Lucid's stock is undergoing a period of consolidation.
Musk’s Promise: Tesla FSD-Equipped Vehicles to Reverse Soon
Musk has hinted that all of Tesla’s FSD-equipped vehicles will soon be able to reverse by themselves. While the FSD currently allows for lane changes with active driver supervision, not all versions enable the car to reverse into a parking spot.
Black Questions Musk’s Take on EV Credit Removal
Managing partner of The Future Fund LLC, Gary Black, has raised concerns about the impact of Trump’s planned elimination of the $7,500 EV tax credit on Tesla’s sales. This comes after Tesla’s sales dropped significantly in France and Germany following the removal of EV incentives in those countries.
Inside Trump’s $1.5 Million Beast
Upon his inauguration, Donald Trump once again rode in the Presidential state car, a custom Cadillac nicknamed “The Beast”. This heavily armored vehicle, which weighs about 20,000 pounds, comes equipped with a refrigerator of the president’s blood type and doors as heavy as those on a Boeing 757 jet.
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This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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