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.

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, a report said.

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.

Trump's transition team is looking to do away with the $7,500 tax credit for EV sales as part of broader tax legislation, Reuters reported.

The Trump administration is reportedly expected to pursue the demolition of electric vehicle tax credits that provide discounts of up to $7,500 on new EVs. Why it matters: Those incentives have encouraged EV adoption at a time when climate advocates say it's critical to transition away from fossil fuels.

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.

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.

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,