Stock Track | Rivian Automotive, Inc. Plummets 5.04% Intraday as EV Tax Credit Elimination Looms

Stock Track11-15

Shares of electric vehicle maker Rivian Automotive, Inc. (RIVN) plunged 5.04% in intraday trading on Friday, following a 14.3% decline on Thursday. This sharp drop came after reports surfaced that President-elect Donald Trump's transition team is planning to eliminate the $7,500 consumer tax credit for electric vehicle purchases as part of broader tax reform legislation.

The potential rollback of the EV tax credit is being viewed as a significant headwind for Rivian and other emerging players in the electric vehicle industry. While larger automakers like Tesla are expected to be able to absorb the impact due to their scale and cost structures, the loss of the tax credit could hamper demand for Rivian's vehicles and impede its growth in the highly competitive EV market.

Analysts have cautioned that the elimination of the tax credit would remove a key incentive for consumers to purchase electric vehicles, which generally carry higher upfront costs compared to traditional gasoline-powered vehicles. This development has raised concerns about the future prospects of Rivian and other companies betting on the widespread adoption of electric vehicles.

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