The Rivian R1T is a finalist for the LA Auto Show's Truck of the Year in 2022.
The failure of President Joe Biden's "Build Back Better" plan that included significant incentives for the growing sector caused shares of electric vehicle companies to tumble.
EV start-ups such as Lordstown Motor and Faraday Future lost more than 7% of their value on Monday. Rivian, which went public through a blockbuster IPO last month, hit a new low Monday.
The shares of other auto companies that no longer qualify for federal EV tax credits but would have under Build Back Better lost ground during the trading session.
The Build Back Better plan includes up to $12,500 per vehicle in EV incentives, which are seen as critical to spur consumer demand in EV, which are priced far higher than their traditional internal combustion engine counterparts.
The new infrastructure package and the Build Back Better bill are part of Biden's plan to achieve the president's EV sales goal. Biden wants half of all new vehicles to be plug-in hybrid electric by the year 2030.
The bipartisan infrastructure package allocated $7.5 billion for EV charging, but Wall Street had assigned more importance to the Build Back Better incentives which are not likely to pass. Manchin said he wouldn't vote in favor of the bill in the Senate.
The proposed EV incentive included a current $7,500 tax credit to purchase a plug-in electric vehicle as well as $500 if the vehicle's battery is made in the U.S.
Several EV start-ups, as well asTesla and legacy automakers GM and Ford Motor, have announced significant investments in electric vehicles.
TICKER.
The company is
The price.
Change.
%CHANGE
Rivn is a person.
Rivian automotive
89.98
-7.72
-7.9
LCID.
The Lucid Group is a company.
37.98
-2.03
-5.05
You can ride.
The Lordstown Motors Corp. is a corporation.
3.72 was the final score.
-0.33
-8.15
NKL.
The company is called Nikola Corp.
8.25
-0.73
-7.31
FFIE.
The Future Intelligent Electric Inc.
4.79
-0.5
-9.45
NIO.
The company is called NIO Inc.
28.16
-1.84
6.13.
FSR.
Fisker Inc.
16.74
0.47
-2.76
ELMS.
Electric Last Mile Solutions is a company.
6.31
0.67
-8.6
GOEV.
Canoo Inc.
8.25
0,49
-5.47
TSLA.
The company that makes the electric car is called the company that makes the electric car is called the company that makes the electric car is called the company that makes the electric car is called the company that makes the electric car is called the company that makes the electric car is called the company that makes
891.94
-32.63
- 3.5
The GM.
The General Motors Co. is a company.
54.03
-1.12
-2.03
F.
Ford Motor Co.
19.42
-0.35
-1.77.
CNBC's Jessica Bursztynsky contributed to the report.
