Tesla reportedly supports the Trump administration’s plan to kill the $7,500 federal tax credit for electric vehicles – something

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 Donald Trump's transition team is planning to push ahead with a plan to kill the $7,500 consumer tax credit for electric vehicle purchases, according to a Reuters reports. Sources have said that representatives of Tesla (NASDAQ:TSLA) told a Trump-transition committee they support ending the subsidy.

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.

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.

A Trump agenda dead set on slowing EV adoption could be a disaster not just for Tesla but also for every other US automaker, too. Throw in Trump’s controversial tariff plan, and well… you have a political and economic mess of unprecedented proportions that could shape the auto industry in America for years to come.