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

President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.

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.

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.

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, say goodbye to the longstanding $7,500 EV tax credit, a new report indicated today based on statements from transition team sources.

President-elect Donald Trump's transition team is planning to push ahead with a plan to kill the $7,500 consumer tax credit for electric vehicle purchases, according to a Reuters reports. Sources have said that representatives of Tesla (NASDAQ:TSLA) told a Trump-transition committee they support ending the subsidy.