Buying Lucid Stock on China EV Tariff News? Be Careful.
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 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.
Source Fool.com