Tesla's Chinese Rivals Li, Xpeng, Nio Surge While Rivian Declines In Pre-Market As Trump Revokes Biden's EV Target

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(NASDAQ:RIVN) fell.

A threat to the electric vehicle industry caused a drop in Rivian's stock by 1.1% in Tuesday's pre-market trading.

Chinese EV manufacturers rose in pre-market trading since Trump didn't mention China in his inauguration speech or impose tariffs on Beijing. Instead, Trump said he could impose 25% tariffs on Canada and Mexico as of February 1st.

Additionally, Nio's sales surge, fueled by Chinese EV startups' momentum, reached 2800 brand vehicle registrations in China from January 13-19, a 86.7% increase compared to the previous week.

Li Auto had approximately 9,500 insurance registrations during this time period, representing a 25% increase from the week before.

Xpeng recorded 9400 insurance registrations last week, a 27% increase from the previous week.

The company's close connection to Trump has been beneficial for the company, helping to create a favorable regulatory climate for the rollout of autonomous vehicles on public roads this year.

The elimination of EV subsidies would likely be extremely damaging to its competitors. He also added that this move would probably ultimately benefit Tesla.

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Read Next:

• In order to qualify for the higher end of the tax credit of $7,500, an EV purchase must be within the manufacturer's initial 200,000 units sold. After hitting that milestone, the credit amount gradually phases down until it expires.

Photo courtesy: Shutterstock

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