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The head of Lucid Group warned that President Donald Trump’s tariffs will drive up costs to build automobiles — even in the U.S.

The company is on track to meet the closely watched target thanks to a higher mix of premium models boosting revenue per vehicle sold and sales of regulatory credits.

Rivian maintained its full-year vehicle production target and profit-making goal, a sign the electric vehicle maker is filling orders on schedule after retooling its assembly lines.