There's a lot of chatter about the President-elect's plans to eliminate the electric vehicle tax credit. Here's what you need to know.

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.

Tesla shares fell Thursday after news broke that the incoming Trump administration will seek to remove EV tax credits. However, the news was already priced into the stock and there are several reasons for investors to remain bullish into next year.

A group representing major electric vehicle and battery manufacturers on Friday urged President-elect Donald Trump not to kill tax credits for electric vehicle sales and production, citing the impact on key states that voted for the Republican.

Elon Musk joined Trump on Capitol Hill for a meeting with Republicans—and the president-elect used the opportunity to ridicule the richest man in the world. Former United Nations Ambassador Nikki Haley said Wednesday that President-elect Trump knew she did not want to serve in his second administration when he publicly announced over the weekend that he would not be offering her a job.

Utility companies want the incoming Trump administration to preserve tax credits for clean energy and electric vehicle sales in the Inflation Reduction Act, Edison International (EIX) CEO Pedro Pizarro said Saturday.

Although Tesla applauded the Trump administration's decision to eliminate the $7,500 consumer tax credit for electric vehicle purchases, it was criticized for perhaps making the US electric vehicle transition more difficult.

The proposed repeal is under discussion by a transition team led by oil magnate Harold Hamm and North Dakota Governor Doug Burgum.