Trump's transition team is looking to do away with the $7,500 tax credit for EV sales as part of broader tax reform legislation, Reuters reported.

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.

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.

U.S. President-elect Donald Trump's transition team is aiming to end a tax credit for electric vehicle (EV) purchases, a key element of President Joe Biden's Inflation Reduction Act (IRA), as part of broader tax reform legislation,