automaker

Meanwhile, Ola's rivals - mostly established automakers - have rolled out electric scooters smoothly, adding to the pressure on the company.

He also said he would provide temporary relief to automakers that need time to adjust to the coming tariffs, leading stocks for car companies to soar.

Chad Lawton points to the 2008 financial crisis, when the Big Three American automakers - Ford, General Motors and Chrysler - faced staggering losses, and GM and Chrysler received billions in US bailouts to avoid bankruptcy.

Although some American automakers are transitioning to new batteries that don’t depend on those scarce minerals, many of the largest EV battery producers are in China, South Korea and Japan.

While Tesla is less exposed to tariffs than other U.S. automakers such as Ford and Stellantis, Ives said, the company still sources several parts and batteries from outside the country.