Transportation
Tesla, Rivian Drop on Report Trump Wants to End EV Credit
- President-elect eyes killing $7,500 subsidy, Reuters reports
- Elon Musk says on X all government subsidies should go away
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US auto stocks and Asian battery makers 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 $7,500 subsidy as part of a broader tax-reform effort, Reuters said, citing unidentified sources with direct knowledge of the matter. Representatives of Tesla Inc. also support ending the credit, according to the report.