With an eye on tax reform, Trump’s team plans to eliminate a key $7,500 federal electric vehicle subsidy, potentially reshaping the U.S. EV market.

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.

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