Tesla’s market share may rise as competitors face financial constraints. See why TSLA stock is positioned for potential growth despite increased competition.

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

Republicans have long opposed the $7,500 federal tax credit for electric vehicles contained in the Inflation Reduction Act (IRA). Now, it seems

At this point, many buyers are taking advantage of the credits at dealerships when they buy a car. In the past, they had to wait to claim it on their taxes the following year. Now, there’s the option of transferring their credit to the dealer and getting an instant rebate.

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.

Automakers are pushing to retain the tax incentives, claiming they’re essential for meeting strict regulations for EV production.

In a surprising development, Tesla is backing Trump's plan to eliminate the $7,500 tax credit for new EV purchases.