As Tesla Inc. (NASDAQ: TSLA) recently urged the Trump administration against repealing the 2009 Endangerment Finding, the EV giant's rivals are nearing record highs in pre-market.
What Happened: Tesla's two Detroit-based rivals’ stock is performing well as both Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) reached 52-week highs in pre-market trading on Monday as investors see the Trump administration's pro-ICE decisions as a favorable factor for the companies.
F is currently trading at $12.14 in the early hours of Monday, while GM is currently valued at $61.44 per share, according to Benzinga Pro data.
Why It Matters: The news comes as the Trump administration's Environmental Protection Agency (EPA) had proposed rescinding the 2009 Endangerment Finding, which serves as a crucial legal foundation for much of the U.S.'s emissions standards and climate action.
This proposal is in line with The White House's series of anti-EV decisions, like ending the $7,500 Federal EV credit as well as relaxing Corporate Average Fuel Economy (CAFE) norms, which dictate the amount of distance a vehicle should cover on a gallon of fuel.
Meanwhile, the decision to relax emissions standards has also affected automakers like Tesla and Rivian Automotive Inc. (NASDAQ: RIVN), which have lost billions of dollars in revenue that the companies earned via selling ZEV credits.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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