business

7/1/25

Lucid and Rivian are trading lower as Senate Republicans work to appease tax bill holdouts

Rivian and Lucid are both down on Tuesday as investors watch Senate Republicans work feverishly to pass President Trump’s “big, beautiful bill.”

Senate Majority Leader John Thune on Tuesday told reporters that Republicans seem to have an agreement on the bill ahead of additional voting.

Electric vehicle tax credits, battery manufacturing subsidies, and charger network budgets could all be gutted if Senate Republicans successfully manage to pass the bill. The latest draft included more bad news for EV makers and customers: the $7,500 tax incentive would end on September 30 rather than the end of the year.

The Trump-Musk feud reigniting probably squashes any remaining investor hopes of last-minute changes on that front.

Lucid and Rivian vehicles are typically ineligible for the tax credit outside of leasing exemptions, but Rivian’s upcoming R2 SUV (expected to start at $45,000) would make the cut — if the credit still exists when it comes out.

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6h

Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

6h

Boeing on Tuesday announced that it delivered 57 commercial jets in August, its best total for the month in seven years. That brings its year-to-date delivery total to 385 planes, eclipsing its full-year 2024 figure by about 11%.

The August figure marked Boeing’s second-highest delivery total of 2025 and represented a 43% jump from the same month last year. Through August, Boeing has boosted its deliveries by 50% from last year.

The plane maker is still trailing its European rival Airbus, which delivered 61 planes in August and 434 year to date.

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