Republicans have long opposed the $7,500 federal tax credit for electric vehicles contained in the Inflation Reduction Act. Now, it seems President-elect

President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.

Shares of Tesla and other electric vehicle makers fell Thursday after a report President-elect Donald Trump and his transition team are planning to end a $7,500 EV tax credit.

Ending the dollar incentive to buy EVs could have grave implications for an already stalling US green transition. But it would probably benefit Elon Musk’s Tesla.

Trump's transition team is looking to do away with the $7,500 tax credit for EV sales as part of broader tax legislation, Reuters reported.

Shares of US automakers fell after Reuters reported President-elect Donald Trump plans to eliminate the $7,500 consumer tax credit for electric-vehicle purchases.

Elon Musk has said ending tax credits of up to $7,500 for electric vehicle purchases would "devastate" Tesla's competitors.

President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.

The Trump administration is reportedly expected to pursue the demolition of electric vehicle tax credits that provide discounts of up to $7,500 on new EVs. Why it matters: Those incentives have encouraged EV adoption at a time when climate advocates say it's critical to transition away from fossil fuels.

President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for EV purchases as part of broader tax-reform legislation.