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,

A new report suggests that President Trump will attempt to scrap the $7,500 EV tax credit when he returns to the White House next year. Tesla is said to back the move, with its CEO, Elon Musk, being a huge Trump supporter.

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

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.

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.

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.

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,