Rivian Automotive Inc. shares dropped 12% on Thursday, their worst day in months, on heightened concerns the Trump administration is readying a plan to axe EV tax credits. Tesla Inc. shares also headed south, but to a lesser degree, as Tesla is seen as ...

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.

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.

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.

Republicans have long opposed the $7,500 federal tax credit for electric vehicles contained in the Inflation Reduction Act. Now, it seems President-elect Donald Trump's transition team has made that a priority with plans to end the tax credit as part of broader tax reform legislation,

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.