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Shares of Rivian Automotive (NASDAQ: RIVN) slipped this week. The firm's stock lost 10.1% as of market close, but was down as much as 12.2% earlier in the week, according to data from S&P Global Market Intelligence. The leg down comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq-100 gained 1.7% and 1.6%, respectively.

President Trump announced early into his presidency that he would roll back specific Biden-era EV-boosting initiatives. The president made it clear that his administration would take a much different approach to green initiatives in general.

Trump axes EV tax credit

In one of his many executive orders, President Trump will end the $7,500 tax credit President Biden initiated for those buying EVs, claiming he is ending the "electric vehicle mandate." When news broke of the order, EV stocks were hit badly, Rivian among them.

Beyond the mandate, Trump is ending support for EV charging stations, a critical link in the widescale adoption of EVs, as well as funding for battery research. It remains unclear, however, if President Trump even has the power to roll back many of the initiatives he wishes to, including the credit, which was passed by Congress. For now, however, the future for Rivian and other EV makers is cloudy.

The CEO is optimistic that any impact will be minimal

It's a CEO's job to remain undaunted, but Rivian's CEO RJ Scaringe made it clear after the announcement that although Trump's actions have introduced more uncertainty, Rivian is far from doomed. He stated that the removal of the tax credit will force the company to explore making lower-priced vehicles, something many investors think is key to Rivian's success.

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