The $7,500 tax credit for buyers of electric vehicles could be vanishing early in the new Trump administration, but that might actually be good news for Tesla and its CEO Elon Musk, one of President-elect Donald Trump’s most prominent backers.

Reuters is reporting that President-elect Donald Trump’s transition team is weighing the elimination of the $7,500 tax credit for buyers of electric vehicles. The tax credits were created by the Biden administration,

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.