Tesla Inc. shares also headed south, but to a lesser degree, as Tesla is seen as less dependent on the $7,500 tax credits than competitors — and is also expected to benefit from the new administration in other ways, given Chief Executive Elon Musk’s ...

Shares of US automakers fell after Reuters reported President-elect Donald Trump plans to eliminate the $7,500 consumer tax credit for electric-vehicle purchases.

Electric vehicle stocks are falling Thursday after a report detailed the incoming Trump administration’s plans to axe a tax credit for consumers buying cleaner cars.