Citing two people familiar with the matter, Reuters is reporting that Trump’s transition team is aiming to kill the EV tax credit as part of a larger tax reform program. Tesla is said to support the move and it’s clear CEO Elon Musk has Trump’s ear after backing him during the campaign.

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 reportedly supports the Trump administration’s plan to kill the $7,500 federal tax credit for electric vehicles – something

Some electric vehicles and plug-in hybrids are set to get less affordable from next year, it seems. As expected, the incoming Trump administration has set its sights on killing off the IRS clean vehicle tax credit, according to a report in Reuters this afternoon.

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.

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.