Shares of EV stocks are trading higher on reports indicating Biden will increase Chinese EV tariffs.
Portfolio Pulse from Benzinga Newsdesk
EV stocks are experiencing a rise following reports that President Biden plans to increase tariffs on Chinese EVs. This development could potentially benefit US-based EV manufacturers by making their products more competitive against Chinese imports.
May 13, 2024 | 7:20 pm
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POSITIVE IMPACT
Faraday Future Inc. (FFIE) shares are likely to experience a positive short-term impact due to the anticipated increase in tariffs on Chinese EVs, potentially reducing competition and benefiting US-based EV manufacturers.
FFIE, being a US-based EV manufacturer, stands to benefit from reduced competition from Chinese imports due to increased tariffs, potentially improving its market position.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Lucid Group Inc. (LCID) is poised for a positive short-term impact as the proposed increase in tariffs on Chinese EVs could lessen competition and favor US-based manufacturers.
LCID, as a US EV manufacturer, may gain a competitive edge if tariffs on Chinese EVs increase, potentially leading to higher demand for its vehicles.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Rivian Automotive Inc. (RIVN) shares are expected to benefit in the short term from the news of increased tariffs on Chinese EVs, which could reduce foreign competition and support US manufacturers.
RIVN, a US-based EV maker, could see a positive impact from the tariff increase on Chinese EVs, potentially leading to reduced competition and increased market share.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80