Tesla Inc. shares also headed south, but to a lesser degree, as Tesla is seen as less dependent on the $7,500 tax credits than competitors — and is also expected to benefit from the new administration in other ways, given Chief Executive Elon Musk’s ...

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.

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.

Electric vehicle stocks are falling Thursday after a report detailed the incoming Trump administration’s plans to axe a tax credit for consumers buying cleaner cars.