Shares of the electric vehicle start-up Lucid Group (NASDAQ: LCID) fell 9.4% this week, according to data from S&P Global Market Intelligence, as President Trump rescinded mandates for electric vehicle (EV) production in the U.

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.

It's been a bumpy ride for many electric vehicle (EV) stocks over the past few years, and both Rivian Automotive (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) have felt each jarring pothole. Rivian's shares have tumbled 79% and Lucid's have fallen 92% over the past three years.