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

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,