$Tesla (TSLA.US)$ Electric car stocks tumbled across the b...

Shares of U.S. -listed electric vehicle companies tumbled across the board on Monday after President Joe Biden's 'Build Back Better' bill, which includes significant incentives for the growing electric vehicle industry, ran into resistance.

By Monday's close, Lordstown Motors was down 8.15 per cent, Faraday Future was down 9.5 per cent, Nicola 7.31 per cent and Lucid 5.15 per cent. Rivian Automotive, which listed last month, fell 7.9 per cent to $89.98. Chinese shares of Nio Automobile fell 6.13%.

Shares of other automakers, including Tesla and General Motors, also fell. While e neither automaker will be eligible for a federal electric vehicle tax credit, it will be under the Build Back Better program.

Under the plan, electric vehicles can enjoy incentives of up to $12,500 per vehicle, which is seen as a key factor in stimulating consumer demand for electric vehicles, which are still priced well above traditional internal combustion engine models.