Tesla shares TSLA ended the day down 0.6%, after falling as much as 4% intraday, tracking losses in the broader EV space, while shares of Rivian Automotive Inc. RIVN were down 6%, Nikola Corp. NKLA fell 9% and Lucid Group Inc. LCID lost 7%.

President Donald Trump vowed to eliminate the electric-vehicle mandate in his inaugural address, although strictly speaking, there is no mandate. His statement could mean a few things for Tesla and the U.

Shares of Tesla Inc. slumped Tuesday alongside other electric-vehicle makers, while space company stocks saw big gains, after President Donald Trump announced a series of policies that could have wide-ranging impacts on markets.