Lucid (LCID) CEO claims EV maker is ‘most immune’ if Trump cuts the tax credit
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.
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.
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.
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.”
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.
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.
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Oil prices fell sharply Tuesday after President Donald Trump said China can keep buying oil from Iran, a sign that the U.S. is easing its maximum pressure campaign on the Islamic Republic in the wake of a ceasefire with Israel.
Global benchmark Brent fell $3.33, or 4.66%, to $68.15 per barrel by 10:18 a.m. ET. U.S. crude oil was last down $3.18, or 4.64%, to $65.33 a barrel. Prices closed 7% lower on Monday as the oil market bet that the conflict in the Middle East was winding down.
“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!”
Trump threatened in May to bar any country buying Iranian oil from doing business with the U.S. China purchases the vast majority of the 1.7 million barrels per day that Iran typically exports, according to data from Kpler.
Oil prices have tumbled to levels last seen before Israel started bombing Iran on June 13, as investors now believe the risk is low that a major supply disruption will occur the Middle East.
The U.S. decision to join Israel’s campaign and bomb three key nuclear sites in Iran over the weekend initially triggered fears that Tehran might try to choke off oil exports from the Persian Gulf in retaliation.
Instead, Tehran launched a missile attack on a U.S. airbase in Qatar that left no casualties, providing an offramp from further escalation. Trump announced a ceasefire agreement between Israel and Iran shortly afterward.
The ceasefire teetered on the brink of collapse early Tuesday as Trump accused both Iran and Israel of violating the agreement shortly after it went into effect. The president demanded that Jerusalem and Tehran adhere to the ceasefire, reserving unusually harsh words for Israel.
“I’m not happy with Israel,” Trump told reporters en route to a NATO summit in the Netherlands. “I’m not happy with Iran either but I’m really unhappy if Israel” continues its bombing campaign Tuesday.
Throughout the conflict, traders feared that Israel might target the 3.3 million bpd of crude oil that Iran produces, or that the Islamic Republic might lash out by targeting energy infrastructure in the Gulf nations, including Iraq.
Investors also watched if Iran would try to close the Strait of Hormuz linking the Persian Gulf and the Gulf of Oman. The strait, used to transport 20% of the world’s crude, is a key route for Iranian and other Middle Eastern shipments, including Saudi Arabia, the world’s largest oil exporter, the United Arab Emirates, Iraq, Kuwait and Bahrain.
Toyota is still planning to build a three-row electric SUV in the US, but it won’t be in Indiana as planned. In a sudden shift of plans, Toyota will build it alongside a second electric three-row SUV as it consolidates EV production in the US.
Toyota to build two new three-row EV SUVs in the US
It has been over two years now since Toyota first unveiled the three-row electric SUV, which was expected to be a key part of its comeback efforts in the US EV market.
After funneling another $1.4 billion into its Princeton, Indiana, manufacturing plant last April, Toyota said it was preparing to assemble the larger SUV at the facility. The investment was also expected to go toward an assembly line for lithium-ion batteries, supplied from its new EV battery plant in North Carolina.
As part of its efforts to streamline production in the US, Toyota now plans to build the new EV in Kentucky, alongside a new Subaru three-row electric SUV.
According to AutoNews, Toyota said the move is designed to “improve manufacturing efficiencies and better serve customers based on market demand.”
“As previously announced, Toyota plans to produce two all-new, three-row battery electric SUVs in the US. Toyota will now assemble both vehicles at Toyota Kentucky,” the company explained in a statement.
Toyota plans to ramp up Grand Highlander production in Indiana with a new assembly line dedicated to the larger SUV.
Last year, Grand Highlander sales increased by nearly 50% in the US, as demand for the smaller Highlander fell by 47%. The trend has continued this year, with Grand Highlander sales up 2% through March, while Highlander sales have declined 62.5%.
Despite consolidating production, Toyota still has several new EVs set to launch in the US soon. Its updated bZ electric SUV (previously named the bZ4X) is arriving at US dealerships later this year.
Toyota upgraded it with an increased driving range, a much better style, and an added NACS port, allowing you to recharge at Tesla Superchargers.
Next year, the smaller Toyota C-HR and off-road bZ Woodland electric SUVs will arrive. By mid-2027, Toyota plans to have seven EVs at US dealerships, including under the Lexus brand. Subaru is set to introduce three new EVs by 2026, including the new Trailseeker SUV.
Toyota also announced plans to raise vehicle prices in the US this week. The price hikes will impact Toyota and Lexus brand models built after July 1.
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A new electric hub motor just dropped at Eurobike 2025, and it’s a big deal – mainly because it’s so small. Developed through a partnership between Moving Magnet Technologies (MMT), Swiss mechatronics firm Sonceboz, and French e-bike software company eBikeLabs, the new motor aims to set a new benchmark for premium urban e-bikes.
And based on the specs alone, it just might.
The motor delivers up to 70 Nm of torque, allows for regenerative braking, and has an impressive 22:1 gear ratio. It also includes a built-in torque sensor, allowing e-bikes employing the motor to take advantage of a more natural, responsive pedaling response.
Despite the high torque rating and built-in tech, the motor weighs under 2.5 kg (5.5 lbs), which is incredibly light for a high-torque hub motor, especially one designed for urban performance and connected tech features.
Designed for single-speed e-bikes and fully integrated with eBikeLabs’ eBikeOS software platform, this is the kind of system that manufacturers building the next wave of sleek, minimalist city e-bikes are likey to seek. And with regenerative braking, anti-theft immobilization, and smart ride customization all built in, it’s a feature-rich package in a surprisingly compact form factor.
Sonceboz, known for zero-defect manufacturing in the automotive world, is leading the industrialization process at its automated Swiss production facilities. According to the team, the motor is currently in B-sample testing with a yet-unnamed premium urban bike brand, with commercial availability targeted for early 2027.
“With this hub motor, Sonceboz, MMT, and eBikeLabs aim to set a new benchmark for premium urban bikes,” said Damien Wittwer, Division Director at Sonceboz. “Our mechatronics expertise ensures high-quality, reliable production ready for the most demanding brands. We don’t just build motors—we empower you to stand out in a market that demands smarter, quieter, more integrated urban mobility.”
The collaboration makes sense. MMT brings the motor design and electromagnetic magic, Sonceboz brings the industrial firepower, and eBikeLabs provides the software layer, eBikeOS, which adds real-time diagnostics, theft alerts, ride tracking, and personalized performance tuning. The system also includes a modular SP Connect mount for phones, allowing full app integration during rides.
On a personal note, I previously tested eBikeOS from eBikeLabs on a sample bike at Micromobility Europe and came away quite impressed with the performance.
This isn’t the first time eBikeLabs has pushed into the high-end e-bike space. Their software already powers the Virvolt 2000 motor used by Shwette’s cargo e-bikes, and their partnership network includes brands like Cowboy and Vefaa. But the new motor signals a tighter integration of motor hardware and software, engineered together from day one, a rarity in the increasingly fragmented e-bike market.
If the specs hold up and the industrial ramp goes smoothly, this could be one of the most important new components in the premium city e-bike world over the next few years. With anti-theft tech baked in, seamless app integration, and impressive torque in a tiny package, it’s exactly the kind of invisible innovation that makes a good e-bike feel like magic.
And if you’re at Eurobike this week, it’s on display in two locations, both in Hall 8, Booth I21 (with Sonceboz) and Hall 12.1, Booth A21 (with eBikeLabs). Definitely worth a closer look.
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