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

TheMotleyFool

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Buying Lucid Stock on China EV Tariff News? Be Careful.: https://g.foolcdn.com/editorial/images/777202/lucid_air_pure_hamptons_w_talent_house_frt_3qtr_aerolt_20in_g_e2_no-talent_social.jpg

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

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