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.

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

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

Ending the tax credit could have grave implications for an already stalling U.S. EV transition. And yet representatives of Tesla - by far the nation's largest EV seller - have told a Trump-transition committee they support ending the subsidy,

Key Takeaways 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.Tesla told the Trump team that it supports ending the subsidy,

A new report suggests that President Trump will attempt to scrap the $7,500 EV tax credit when he returns to the White House next year. Tesla is said to back the move, with its CEO, Elon Musk, being a huge Trump supporter.

U.S. President-elect Donald Trump's transition team is aiming to end a tax credit for electric vehicle (EV) purchases, a key element of President Joe Biden's Inflation Reduction Act (IRA), as part of broader tax reform legislation,