President-elect Donald J. Trump wants Congress to repeal a $7,500 electric vehicle tax credit. Doing so would hurt American automakers.

The incoming Trump administration is allegedly set to change EV policy, which will have economic, industrial, environmental, and political effects.

To be sure, the EV tax credit won’t disappear tomorrow. Trump doesn’t assume office until January. And he can’t do this alone; he’d need Congress to delete the credit as part of a wider tax bill. Those negotiations could stretch out for months.

With an eye on tax reform, Trump’s team plans to eliminate a key $7,500 federal electric vehicle subsidy, potentially reshaping the U.S. EV market.

President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.

Trump's transition team is looking to do away with the $7,500 tax credit for EV sales as part of broader tax legislation, Reuters reported.

Learn about EV tax credits — who qualifies, income limits and how to claim up to $7,500 for electric vehicles. Find out if your EV purchase is eligible.

This might be a good time to buy an electric car. Trump wants to get rid of the EV tax credit—and it’s possible that he’ll convince the incoming Republican Congress to go along with that plan. But what does that mean if you buy an electric car early in 2025,