If you ask Lucid (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.
Is Lucid immune to losing the EV tax credit?
Lucid is coming off its third straight record quarter of deliveries. With another 2,781 vehicles sold in Q3, 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 a Reuters report 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 supported the plans 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.
Lucid Air (Source: Lucid)
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 Bloomberg Television on Friday that “Lucid, amongst all the EV makers, is really the most immune from that.”
Lucid’s CEO also said he isn’t worried about Musk getting favorable treatment when Trump takes office. Rawlinson explained:
We’ve really taken the mantle of technology leadership from Tesla right now, and this is not really sufficiently recognized. So, I think we’re in a very strong position to weather any such storm.
Lucid opened orders for its first electric SUV earlier this month. Starting at $79,800, the Lucid Gravity is expected to get an impressive range of 440 miles per charge.
Lucid Gravity SUV (Source: Lucid)
Rawlinson calls the Gravity a “landmark product” with its most advanced technology yet, which he claims is “years ahead of the competition.” Last month, we got our first look at its lower-priced midsize electric SUV. Prices for the new model will start at under $50,000.
Lucid midsize electric SUV teaser image (Source: Lucid)
It will be the first of at least three midsize Lucid EVs, with production expected to begin in late 2026. Rawlinson said the midsize models are aimed “right in the heart of Tesla Model 3, Model Y territory.”
Lucid (LCID) stock chart (Source: TradingView)
Despite the confidence, Lucid’s stock hit its lowest price on Friday since going public in July 2021. Lucid shares are down nearly 17% this week, sitting at under $2 per share.
Electrek’s Take
Ending the federal tax credit will put the entire US auto industry behind. China continues to gain more global market share as leaders like BYD expand into key overseas markets like Europe, Southeast Asia, and Central and South America.
In fact, according to Bloomberg, BYD is quickly closing in on Ford in global deliveries and could even top the American automaker by the end of 2024.
Ford and BYD global sales since 2010 (Source: Bloomberg)
BYD’s surging global presence is primarily due to its early beginnings as a battery maker. However, China’s government is also fueling EV sales growth with subsidies for those that trade in gas-powered vehicles.
According to Rho Motion, China continues dominating the global market with a record 1.2 million EVs sold in October alone. China has now sold 8.4 million EVs in 2024, up 38% year-over-year (YOY), compared to 1.4 million in the US (+9% YOY).
Rawlinson may be right. Lucid could be one of the most immune if the tax credits were cut. However, other US automakers, like Ford, GM, and Jeep-maker Stellantis, may not be as lucky.
So, what happens if the subsidies are killed off? American automakers will likely delay or cancel more EV initiatives (new models, battery plants, manufacturing facilities), which will send them further behind in the global market.
Ford’s CEO Jim Farley warned rivals earlier this year, saying if they cannot keep up with the Chinese, “then 20% to 30% of your revenue is at risk.” He added, “As the CEO of a company that had trouble competing with the Japanese and the South Koreans, we have to fix this problem.” Ending subsidies would only put them further behind.
FTC: We use income earning auto affiliate links.More.
Mack Trucks and Terex Utilities have announced plans to reveal the next generation of their zero-emissions utility bucket trucks at Work Truck Week in Indiana later this month – and it looks fantastic!
Co-developed by Terex Utilities and Mack Trucks on a Mack MD7 Electric Class 7 chassis, the new Terex bucket truck is a zero-emission utility capable of traveling longer distances and hauling more cargo wherever it’s needed to upgrade, or even restore power where it’s needed.
To make it work, Terex installed an Optima HR55 aerial device that draws power from a HyPower SmartPTO (Power Take Off) from Viatec. The SmartPTO replaces a conventional, mechanical PTO that’s powered by an internal combustion generator. In so doing, it avoids a loud idling engine while reducing utility workers’ exposure to toxic exhaust fumes and the heavy particulate emissions matter with idling diesels (even with Tier V standards).
“Our collaboration with Mack Trucks represents continued progress in zero-emissions utility vehicles,” explains Tyler Schwingler, Terex Utilities product marketing manager. “By combining our industry-leading Optima HR55 aerial device with Mack’s innovative MD7 Electric chassis, we’re providing utility companies with a solution that doesn’t compromise on performance or capability while supporting their sustainability goals.”
Advertisement – scroll for more content
In addition helping meet the company’s ESG goals, the Mack MD Electric is also equipped with the advanced 3rd Eye digital platform, which integrates AI-driven camera systems to enhance safety and productivity. With up to six HD cameras that display a real-time, 460-degree view on a 7-inch in-cab monitor. The bird’s-eye view all but eliminates blind spots when reversing and moving through high-traffic job sites.
“This electric bucket truck represents the next natural step in our commitment to sustainable transportation solutions,” says George Fotopoulos, vice president of E-mobility at Mack Trucks. “Our lightweight electric chassis provides the capability to handle more demanding applications, and when combined with Terex’ expertise in utility equipment, we’re delivering a solution that pushes the boundaries of what’s possible in zero tailpipe emissions utility vehicles.”
Terex will be bringing its new Mack MD Electric-based utility bucket truck to this year’s Work Truck Week at the Indianapolis Convention Center March 8-11.
The International is a fine truck, of course – but the Mack MD Electric raises the bar a bit with more range than the eMV and more rear axle capacity than anything else in its class. The MD also has enough commonality with its HD cabs and chassis that parts availability seems to be top of the class. Pair that with parent company Volvo’s global reputation for quality and progressive ideologies and, well … let’s just say we all have our favorites.
Officially dubbed the Tadano eGR-1000XLL-1 EVOLT, the big mobile crane ships with six lithium ion battery packs offering up to 226 kWh of power. Tadano says that’s good enough for up to seven hours of continuous operation in a single spot, or or up five hours of continuous operation and five-and-a-half miles of driving before it runs out of juice.
Re-juicing (?) the big crane is achieved with a standard CCS/J1772 DC fast charger with speeds up to 150 kW. That’s enough, Tadano says, to fully charge the eGR-1000XLL-1’s batteries in under two hours, or overnight on an 80A 220/240V AC charger … but all that is besides the point.
Grid-connected power for 24/7 use
eGR-1000XLL1 EVOLT graphic; via Tadano.
The EVOLT’s real superpower isn’t its big battery or 100-ton lifting capacity. Instead, it’s the crane’s ability to operate 24/7 when it’s on grid power. If the job site loses power or power has to be shut down as part of regular operations, the crane can keep things moving under battery power for up to seven hours. It can even be connected to mobile charging stations if seven hours isn’t enough, or driven a few miles back to grid power to be charged up.
Advertisement – scroll for more content
And, with 4x4x4 drive, those few miles don’t have to be paved … or even cleared, probably, making the big Tadano perfect for disaster recovery efforts.
“We are very confident in the investment we’ve made in this crane,” said Dean Barley, president and CEO at Tadano America of the 100-ton-capacity machine. “This crane has been tested and retested. We wanted to make sure that the first fully electric rough terrain (RT) crane in North America meets all the requirements of the market.”
Speaking of health risks, swinging up to 100 tons of material around can be dangerous work. That’s where Tadano’s Lift Visualizer and AML Crane Control safety systems come into play:
LIFT VISUALIZER The eGR-1000XLL-1 also offers Lift Visualizer to enhance safety and efficiency. This feature utilizes a suspended load monitoring camera, allowing operators to monitor suspended loads directly from above. Particularly useful in blind spots such as rooftop work, the Lift Visualizer pulls critical lift information from the AML control system and displays it on the video screen, including radius, capacities and load, among others, to improve efficiency and safety for the operator.
AML CRANE CONTROL The AML Control System delivers dependable crane control and monitoring solutions, ensuring safe and efficient performance during crane operations. This system incorporates the latest advancements from Tadano rough terrain cranes, featuring an enhanced operator interface, a broad range of functionalities and the renowned reliability and ease of use characteristic of Tadano products. The system facilitates time and cost savings through straightforward on-board diagnostics, improved settings and easily adjustable lifting limits.
In addition to offering the ability for construction crews to bid on work they simply couldn’t get without an electric option, the company says its new EVOLT models will reduce operating costs on an annual basis by about 35% compared to the diesel-powered version of the same crane. That estimate includes costs of fuel and electricity, as well as maintenance and downtime costs at an estimated 1,200 engine hours per year.
You can check out the full specs on the eGR-1000XLL-1 EVOLT, below, then let us know what you think of Tadano’s latest HDEV in the comments.
Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.
These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.
The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.
Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:
Advertisement – scroll for more content
No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
Backup power: EV batteries can be used as backup power sources during outages.
Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.
Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”
“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.
The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.