The bill, which was passed by the US Senate and is expected to be passed by the House of Representatives on Thursday, would end the $7,500 electric vehicle consumer tax credit after Sept. 30. Getting rid of the tax credit is projected to lead to a drop in demand for electric vehicles later in the year, but not all automakers are expected to be impacted equally.

“Similarly to RIVN, we do believe LCID stands to benefit from reduced EV competition as OEMs deemphasize US EV ambitions,” BNP Paribas analyst James Picariello wrote in a note to clients Thursday.

Automakers like General Motors Co., Ford Motor Co., Hyundai Motor Co. and its affiliated Kia Corp. have ramped up EV production in recent years. But without government incentives, and with consumer demand softening, BNP expects those efforts to slow, Picariello wrote. But for companies that solely focus on electric vehicles like Rivian, Lucid and Tesla Inc., this could lead to more market share available.

The bill offers a potential boon for the electric vehicle stocks, which have broadly declined this year amid macroeconomic pressures including tariff uncertainty.

Rivian may also benefit from continued backlash against Elon Musk and Tesla for his previous involvement in the Trump administration, Picariello wrote. Tesla delivered 384,122 vehicles in the second quarter, a 13% year-over-year decline, the company reported on Wednesday.

Rivian and Lucid both fell short of expectations in the second quarter. Rivian delivered 10,661 vehicles, 2.3% below the average analyst estimate. Lucid delivered 3,309 vehicles in the second quarter, 4% below the average analyst estimate.

BNP expects third-quarter deliveries to rise as consumers rush to buy before the tax credit ends. Rivian is likely to benefit more than Lucid, given Lucid’s slower production ramp and the fact that its Gravity SUV isn’t expected to be available until the end of 2025, and the crossover utility vehicle until 2027.

Picariello has an outperform rating on Rivian and an underperform rating on Lucid.