Tesla may stand to gain from the removal, but legacy automakers and emerging EV companies could be left struggling to stay competitive.

President-elect Donald Trump’s transition team is reportedly planning to eliminate the $7,500 federal tax credit for electric vehicle purchases as part of a larger tax reform effort.The most recent version of the credit was introduced as part of President Joe Biden’s Inflation Reduction Act to encourage EV adoption and is now in the crosshairs of an energy-focused policy group,

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