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.

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

US automaker stocks fell after Reuters reported President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting electric-vehicle adoption.Trump’s transition team has been discussing ending the $7,

The Trump transition team plans to remove the $7,500 EV tax credit, a move that could hurt legacy automakers more than Tesla. While Tesla experiences stock volatility, other EV makers face significant challenges.

President-elect Trump plans to end $7,500 EV tax credit, benefiting Tesla but hurting competitors. Shares of major EV players decline.

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.

Tesla shares fell Thursday after news broke that the incoming Trump administration will seek to remove EV tax credits. However, the news was already priced into the stock and there are several reasons for investors to remain bullish into next year.

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.

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,