LCID - Buying Lucid Stock on China EV Tariff News? Be Careful.
2024-05-13 14:55:27 ET
Shares of luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) moved higher on Monday, following a Wall Street Journal report that the Biden administration plans to sharply hike tariffs on Chinese-made EVs.
As of 2:30 p.m. ET, Lucid's shares were up about 6.6% from Friday's closing price.
The Journal reported late Friday that the White House will soon announce a big increase to tariffs on Chinese made EVs -- from the current 25% to roughly 100%, effectively doubling the prices of Chinese electric cars for U.S. consumers.
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Buying Lucid Stock on China EV Tariff News? Be Careful.