President-elect Donald J. Trump wants Congress to repeal a $7,500 electric vehicle tax credit. Doing so would hurt American automakers.

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.

With an eye on tax reform, Trump’s team plans to eliminate a key $7,500 federal electric vehicle subsidy, potentially reshaping the U.S. EV market.

The proposed repeal is under discussion by a transition team led by oil magnate Harold Hamm and North Dakota Governor Doug Burgum.

Plans to eliminate the up to $7,500 consumer tax credit for plug-in vehicles is a sign of the partnership between Musk and the president-elect.

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.

This might be a good time to buy an electric car. Trump wants to get rid of the EV tax credit—and it’s possible that he’ll convince the incoming Republican Congress to go along with that plan. But what does that mean if you buy an electric car early in 2025,