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.

Key Takeaways 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.Tesla told the Trump team that it supports ending the subsidy,

As it stands today, when you buy certain new electric or plug-in-hybrid vehicles, the United States government will give you a tax credit of either $3750 or $7500. Leasing an EV o