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.

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.

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

Worries that EV tax credits may go away under the Trump administration hit a fever pitch on Thursday, dragging down the stocks.

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.

Tesla shares fell Thursday after news broke that the incoming Trump administration will seek to remove EV tax credits. However, the news was already priced into the stock and there are several reasons for investors to remain bullish into next year.

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.

Former and future President Donald Trump isn't in office yet, but his transition team is already taking aim at a cornerstone of American EV policy. If Trump gets his way, the longstanding $7,500 EV tax credit is getting axed, a new report indicated today based on statements from transition team sources.

Tesla (TSLA) stock fell as much as 4.7% on Thursday as the stock's post-election gains faded amid a cooling of the Trump trade and a new report from Reuters that suggested EV tax credits could be cut under the incoming Trump administration.

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.

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,