11:57 AM EDT, 05/03/2024 (MT Newswires) -- Shares of Rivian Automotive ( RIVN ) and other US electric vehicle manufacturers were trading mixed on Friday after the federal government Friday disclosed plans to extend tax credits for electric-powered vehicles by another two years.

US consumers will continue to be eligible for up to $7,500 in savings through the US Department of the Treasury program meant to encourage domestic EV production and sales. Beginning next year, however, the tax breaks will start to be phased out for vehicles containing graphite and critical minerals produced in China and other jurisdictions perceived as unfriendly to US interests.

The new rules provide EV companies with a two-year window to rework their supply chains to eliminate Chinese sources of critical materials.

Chinese EV manufacturers were mostly lower in US trading on Friday, with Li Auto ( LI ) American depository shares recently sinking more than 4% while XPeng ( XPEV ) ADS were off 4.9% and Nio (NIO) falling about 1.8%.

Rivian shares were hanging on for a 2% gain, giving back an early 6% advance that initially followed the Treasury Department announcement. The "Big Three" domestic automakers also were mostly higher, with Stellantis ( STLA ) adding almost 2% while General Motors ( GM ) remains ahead fractionally. Ford shares recently turned narrowly lower, reversing a morning advance, but Tesla (TSLA) still was 0.2% higher.

Price: 10.03, Change: +0.20, Percent Change: +1.98