EV stocks fall after Trump's tariff announcement

Shares of electric vehicle makers fall premarket after U.S. President Donald Trump imposed baseline 10% tariffs on most imports into the United States

Rivian RIVN.O and Tesla TSLA.O fall ~3% each, Lucid LCID.O slumps 5%

The base tariffs go into effect on April 5, while higher reciprocal tariffs on major trading partners on April 9

Trump's 25% auto tariffs took effect on Thursday and said the 25% duties on auto parts would kick in on May 3

EV firm executives including Tesla's Elon Musk had flagged that higher duties could affect the price of parts and result in higher costs for the companies

Up to last close, TSLA down ~30%, LCID down 20%, RIVN down ~6% YTD