automaker shares drop as trump plans to eliminate ev tax credit

US automakers, such as Rivian and Tesla, saw a decrease in their stock prices due to speculation that President-elect Donald Trump may eliminate the $7,500 consumer tax credit for electric vehicle purchases.

This potential change is part of a larger tax-reform plan being discussed by Trump's transition team, according to insiders.

The proposal to end the subsidy has gained support from representatives of Tesla Inc., signaling a significant shift in the landscape of electric vehicle incentives.

This news has raised concerns among investors about the future of electric vehicle sales and the overall market for US automakers.

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