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.