Tesla, EV stocks down; tax credit subsidy set to expire September end

** EV stocks including Rivian RIVN and Lucid LCID fall 4% and 3.3, respectively

** Shares of General Motors GM fall 2.6% and Ford F down 2.4%

** Federal EV tax credit is set to expire September-end

** Tesla TSLA slumps 7.5% after CEO Elon Musk's plans to launch a new U.S. political party reignited concerns about his commitment to the company's future

** "The EV tax credit subsidy will now expire at the end of September, versus at the end of 2032. This will likely lead to lower near-term EV sales and affect all automakers who sell EVs," said Seth Goldstein, analyst at Morningstar

** "Tesla is the umbrella stock for the EV space. Generally EV stocks price up into the Tesla valuation," said Craig Irwin, analyst at Roth MKM

** TSLA down ~22% YTD