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.

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

Electric vehicle stocks are falling Thursday after a report detailed the incoming Trump administration’s plans to axe a tax credit for consumers buying cleaner cars.

Good morning. Automakers slump amid Donald Trump’s plans to repeal an electric vehicle subsidy. ESG investing is entering rough seas. And a missing Patek Philippe owned by John Lennon is headed back to its rightful owner: Yoko Ono.

Repealing the subsidy - a major component of President Joe Biden’s Inflation Reduction Act - would deal a significant blow to EV adoption in the U.S.

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,

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.

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,

The clean vehicle tax credit was overhauled as part of President Joe Biden's signature climate legislation. Until then, the size of a plug-in vehicle's tax credit was based on its battery capacity, with a credit of up to $7,