Tesla may stand to gain from the removal, but legacy automakers and emerging EV companies could be left struggling to stay competitive.

President-elect Trump wants to eliminate the $7,500 tax credit on electric vehicles, which would hurt Tesla the most.

The tax credit, which has given back up to $7,500 to eligible EV buyers, may disappear under the new administration.

Even if the Trump administration takes away the EV tax credit, these new cars, trucks, and EVs still qualify in the meantimeThe Ford F-150 Lightning EV currently qualifies for a federal tax

President-elect Donald Trump's transition team is considering eliminating the $7,500 consumer tax credit for electric vehicle (EV) purchases as part of a broader tax reform package, according to two anonymous sources familiar with the discussions.