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.

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,

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.

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.

The transition team for President-elect Donald Trump is discussing plans to kill the tax credit for electric vehicles as part of a larger tax overhaul, Reuters reported Thursday. The tax credit, worth up to $7,

A new report suggests that President Trump will attempt to scrap the $7,500 EV tax credit when he returns to the White House next year. Tesla is said to back the move, with its CEO, Elon Musk, being a huge Trump supporter.