Multinational bank BNP Paribas has said that Tesla Inc. TSLA rivals Rivian Automotive Inc. RIVN and Lucid Group Inc. LCID could benefit from U.S. President Donald Trump's Big Beautiful Bill.
What Happened: "Similarly to RIVN, we do believe LCID stands to benefit from reduced EV competition as OEMs deemphasize US EV ambitions," a BNP analyst cited by Bloomberg said on Thursday.
The report said that while U.S. automakers like General Motors Co. GM and Ford Motor Co. F have ramped up EV production, analysts from the bank predict that Trump's tax bill could slow down the activities of the legacy automakers.
This could benefit new-age companies like Rivian and Lucid with more market share available for the brands. BNP also expects Rivian to gain from the backlash surrounding Tesla CEO Elon Musk.
The analysts also shared that third-quarter deliveries could rise as consumers would want to avail benefits of the $7,500 tax credit before it ends on September 30.
Why It Matters: The news comes as Rivian shared its Q2 delivery figures, which outlined the EV maker recording over 10,661 units in the quarter and producing over 5,979 units from April to June.
Lucid shares, meanwhile, surged as the company shared its Q2 statistics. The company's production increased from 2,212 units in the first quarter to 3,863 units in Q2. Deliveries saw a slight increase to 3,309 units.
Meanwhile, Tesla also reported a strong rebound for its Q2 deliveries as the company delivered over 384,211 vehicles in Q2, largely driven by the Model 3 and the Model Y.
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