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.

US auto stocks and Asian battery makers fell after Reuters reported President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting electric-vehicle adoption.Most Read from BloombergUnder Trump,

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

Trump campaigned on ending Biden's "EV mandate," without spelling out specific targeted policies. The energy-focused transition team has determined some of Biden's clean-energy policies will be tough to end because they are popular and already funneling money to Republican-dominated states, the sources said.

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.

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.

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,

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,