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

President-elect Trump wants to eliminate the $7,500 tax credit on electric vehicles, which would hurt Tesla the most.

The tax credit, which has given back up to $7,500 to eligible EV buyers, may disappear under the new administration.

President-elect Donald Trump's transition team is considering eliminating the $7,500 consumer tax credit for electric vehicle (EV) purchases as part of a broader tax reform package, according to two anonymous sources familiar with the discussions.

The transition team for President-elect Donald Trump is discussing plans to kill the tax credit for electric vehicles as part of a larger tax overhaul, Reuters reported Thursday. The tax credit, worth up to $7,