Trump campaigned on ending Biden's "EV mandate," without spelling out specific targeted policies. The energy-focused transition team has determined some of Biden's clean-energy policies will be tough to end because they are popular and already funneling money to Republican-dominated states, the sources said.

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.

President-elect Trump is reportedly moving to repeal the Biden administration's $7,500 consumer tax credit for EVs, likely impacting electric vehicle adoption.

Ending the dollar incentive to buy EVs could have grave implications for an already stalling US green transition. But it would probably benefit Elon Musk’s Tesla.

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.

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.

The Alliance for Automotive Innovation argued that incentives in the Inflation Reduction Act are key to maintaining a “globally competitive American auto

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.