The electric-vehicle purchase tax credit makes buying Teslas and other EVs more affordable for most car buyers.

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

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.

Although Tesla applauded the Trump administration's decision to eliminate the $7,500 consumer tax credit for electric vehicle purchases, it was criticized for perhaps making the US electric vehicle transition more difficult.

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

The Tesla Model Y is a big beneficiary of the $7,500 federal tax credit. But it may be changed or eliminated. Consumers may want to act fast.

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.

The tax credit could be tackled by the Republican-controlled Congress, in a move backed by Elon Musk but self-serving for Tesla, not EV adoption.

Worries that EV tax credits may go away under the Trump administration hit a fever pitch on Thursday, dragging down the stocks.

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.