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.

President Donald Trump is trying to halt the flow of funding for EV charging infrastructure from two programs that have benefited Tesla — the latest

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%.

Piper Sandler analyst Alexander Potter on Monday raised his price target on Tesla stock to $500 from $315, citing his belief that Tesla will shift away from launching new EVs and instead focus on "popularizing" its autonomous driving software called Full Self-Driving (FSD).

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.

Shares of three charging companies are down an average of about 40% since the election, while the electric-vehicle maker’s stock has surged 68%.

Tuesday's trading session sees significant movements among mega-cap and large-cap stocks, with notable companies like Tesla Motors (NASDAQ:TSLA) and Apple Computer Inc (NASDAQ:AAPL) experiencing declines.