If you ask Lucid (Lucid) CEO Peter Rawlinson, the company is the “most immune” EV maker if President-elect Donald Trump cuts the federal tax credit for electric cars. Despite the claim, Lucid’s stock is hitting a new all-time low at under $2 a share.

Lucid Group Inc.’s chief executive downplayed the significance of US electric vehicle tax credits for the company, even as concerns about the potential loss of subsidies sent the EV maker’s shares to new lows.

Electric vehicle stocks are falling Thursday after a report detailed the incoming Trump administration’s plans to axe a tax credit for consumers buying cleaner cars.