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

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.

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,

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