Shares of Tesla and other electric vehicle makers fell Thursday after a report President-elect Donald Trump and his transition team are planning to end a $7,500 EV tax credit.

A new report suggests that President Trump will attempt to scrap the $7,500 EV tax credit when he returns to the White House next year. Tesla is said to back the move, with its CEO, Elon Musk, being a huge Trump supporter.

US automaker stocks fell after Reuters reported President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting electric-vehicle adoption.Trump’s transition team has been discussing ending the $7,

Tesla reportedly supports the Trump administration’s plan to kill the $7,500 federal tax credit for electric vehicles – something

Worries that EV tax credits may go away under the Trump administration hit a fever pitch on Thursday, dragging down the stocks.

The Trump transition team plans to remove the $7,500 EV tax credit, a move that could hurt legacy automakers more than Tesla. While Tesla experiences stock volatility, other EV makers face significant challenges.

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.

Tesla shares fell Thursday after news broke that the incoming Trump administration will seek to remove EV tax credits. However, the news was already priced into the stock and there are several reasons for investors to remain bullish into next year.