On November 14, 2024, Tesla's stock fell nearly 6% on Wall Street, alongside other American automakers. This decline followed a report by Reuters indicating that President Donald Trump plans to eliminate the $7,500 tax credit for electric vehicle purchases.
Rivian Automotive experienced the most significant loss, with shares dropping over 14%. General Motors and Ford Motor also saw initial declines, though their losses later stabilized.
Additionally, Ford announced it would pay a $165 million fine to settle allegations regarding delayed recalls of vehicles with faulty backup cameras.
Prior to this downturn, Tesla had seen a nearly 40% increase in value following the U.S. presidential elections on November 5, as investors anticipated benefits from a new Trump administration.