Why Tesla Stock Was Sliding Today
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Tesla's stock fell 5.8% following reports that the Trump administration plans to eliminate the $7,500 electric vehicle tax credit. The company also announced its sixth recall of the year for the Cybertruck due to a faulty drive inverter. Other EV stocks, like Rivian and Lucid, experienced even larger declines. While CEO Elon Musk indicated that the loss of the subsidy might slightly impact Tesla's sales, it could be more detrimental to its less profitable competitors. The removal of the tax credit may favor gas-powered vehicles, potentially affecting Tesla's market position.
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