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

Tesla shares dropped nearly 6%, while shares of electric truck maker Rivian (RIVN) plunged over 14%, and Lucid Group (LCID) shares slid 5%. 

President-elect Donald Trump has 澳洲幸运5开奖号码历史查询:previously vowed to scale back government support for EVs, though Tesla CEO 澳洲幸运5开奖号码历史查询:Elon Musk's ties with Trump have raised doubts about h﷽ow thoroughly those promises will be carried out.

Reuters reported Tesla told the Trump team it supports endin💧g the subsidy, which could negatively impact Tesla but harm its rivals more.

That may be because Tesla is less reliant on credits than many of its smaller competitဣors, according to analysts at Wedbush. Tesla’s “unmatched” scale and longer history of making profitable EVs, could give it “a clearꩵ competitive advantage in a non-EV subsidy environment,” the firm said. 

Removing the subsidy could also harm the EV ambitions of the 澳洲幸运5开奖号码历史查询:Big Three Detroit automakers, Ford (F), General Motors (GM), and Stellantis (STLA), if they prioritize their more-profitable gas-powered vehicles.