Republicans have long opposed the $7,500 federal tax credit for electric vehicles contained in the Inflation Reduction Act. Now, it seems President-elect

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.

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.

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.

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.

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.

Elon Musk has said ending tax credits of up to $7,500 for electric vehicle purchases would "devastate" Tesla's competitors.

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.

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.