Shares of the electric vehicle start-up Lucid Group ( LCID 2.57%) fell 9.4% this week, according to data from S&P Global Market Intelligence, as President Trump rescinded mandates for electric vehicle (EV) production in the U.S. and indicated he might eliminate tax incentives for electric vehicles.

Lucid Group Inc. (NASDAQ: LCID) stock has dropped to $2.72 per share. The company went public in the summer of 2021 via a merger with a special purpose acquisition company (SPAC). On Lucid's first day of trading,

Considering the long-term resistance level of $10, the stock would need to rally by a massive 240% from the current valuation.

Rivian should be gross profit positive in the fourth quarter and aims to expand its customer base. Rivian looks like a better buy, but it's important to remember that all EV stocks could be volatile for a while.