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Group ( LCID 2.57%) fell 9.4% this week, according to data from S&P Global Market Intelligence, as President Trump rescinded mandates for electric vehicle (EV) production in the U.S. and indicated he might eliminate tax incentives for electric vehicles.

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

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,

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.