THE EV BUBBLE CONTINUES TO DEFLATE: Rivian Sees Results Hurt by Scrapped EV Tax Credit; Lucid Cuts Production Forecast.

The EV industry as a whole has had a bumpy road of late as it grapples with slowing sales.

In July, Tesla said net income dropped 16% in the second quarter, marking another quarter of steep declines at the company. The electric-vehicle maker’s second-quarter revenue declined after a big drop in automotive deliveries, which were down 13.5% from a year earlier.

The company sold just 384,122 vehicles in the second quarter, down from 443,956 the year before.

The EV industry will face more headwinds going into the second half of the year as the federal government is rewriting policies around EV incentives, eliminating the $7,500 consumer tax credit.

Only once the subsidies and mandates end will we find out what EVs are actually worth.