Live Market Updates: EV Stocks Sink with Tesla (NASDAQ: TSLA) Down 2%

Tuesday started out as a winning day across Wall Street with the Nasdaq Composite rising as much as 4.6% in early trading. 

However, momentum has faltered and the Nasdaq is now negative in late trading. EV stocks opened the day trading sharply higher but have seen those gains burn off. As of 2:50 p.m. ET, here’s a look at some notable stocks:

• Tesla (Nasdaq: TSLA): Down 1.91% 
• Rivian (Nasdaq: RIVN): Down 2.77%
• Lucid (Nasdaq: LCID): Down 4.50% 

Let’s look at some of the major headlines driving the sell-off in EV stocks today. 

Tariffs of 104% on China Go into Effect at Midnight 

The biggest news for the automotive supply chain is that the White House reiterated that 104% tariffs would go into effect at midnight on Chinese exports to the United States. Those tariffs will impact a number of industrial products that could put pricing pressures on the automotive industry. 

The automotive industry also has a 25% tariff rate on imported cars that begins on May 3rd. 

Musk Spars with Navarro 

In Tesla news, Elon Musk sparred actively with Donald Trump’s economic advisor Peter Navarro today. Navarro is seen as one of the biggest proponents of tariffs in the Administration. It was reported in the Washington Post this weekend that Musk lobbied Trump to change tactics on tariffs, but was largely overruled. 

After Navarro said on CNBC that Tesla wasn’t manufacturing cars in America but instead was an “assembler” of cars, Musk tweeted that he is dumber than a sack of bricks. 

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