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Benzinga

Business

Anusuya Lahiri

RARE PHOTOS: Plug power stock slides as trump s ev credit rollback and weak demand shake the industry | Vintage Vibes

PLUG Plug Power United States Donald Trump Nasdaq Tesla Inc. electric vehicle Ford NIO

Power Plug

Plug Power (NASDAQ:PLUG) stock is in focus on Tuesday as shrinking U.S. electric vehicle demand and President Donald Trump's rollback of the $7,500 tax credit weigh on the industry. Automakers cut prices and scaled back plans, while analysts flagged Plug's cash burn and margin risks, despite the company’s more substantial second-quarter revenue.

The industry suffered after the U.S. House of Representatives approved Trump's "Big Beautiful Bill," which ended the $7,500 tax credit for new U.S.-made EVs. The credit expires September 30.

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