Trump transition team planning to kill EV tax credit, Reuters says

President-elect Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric vehicle purchases, Jarrett Renshaw of Reuters reports, citing two sources with direct knowledge of the matter. Representatives of Tesla (TSLA) have told a Trump-transition committee they support ending the subsidy, said the two sources. Tesla CEO Elon Musk said earlier this year that killing the subsidy might slightly hurt Tesla sales but would devastate its U.S. EV competitors, which include legacy automakers such as General Motors (GM), Reuters points out.