If you ask (Lucid) CEO Peter Rawlinson, the company is the “most immune” EV maker if President-elect Donald Trump cuts the federal tax credit for electric cars. Despite the claim, Lucid’s stock is hitting a new all-time low at under $2 a share. Lucid is coming off its third straight record quarter of deliveries.
With another 2,781 vehicles , Lucid’s delivery total reached 7,142 through the first nine months of 2024, already topping the 6,001 deliveries in 2023. However, share prices are sinking following on Thursday that Trump’s transition team is “planning to kill” the federal EV tax credit, which provides up to $7,500 for clean car buyers. The report also cited two sources claiming that representatives from Tesla (TSLA) told Trump’s team that they to end the subsidy.
CEO Elon Musk, who fully endorsed Trump, said losing the credit could slightly impact Tesla’s sales but would be “devastating” to others in the US. Although its luxury Air sedan, starting at $69,900, doesn’t qualify for the $7,500 credit, Lucid is passing it on to some through leasing. However, Rawlinson said many of its clients make more than the $150,000 for single filers and $300,000 threshold for couples filing jointly.
Because of that, even if Trump cuts the EV tax credit, Lucid’s CEO believes it’s in a stronger position than most of the competition. When asked about Trump’s plans, Rawlinson said on on Friday that “Lucid, amongst all the EV makers, is really the most immune .