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.

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.

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.

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,