President-elect Donald Trump’s transition team is reportedly pushing to scrap a $7,500 tax credit for electric vehicles.
Wealthy oilman Harold Hamm and North Dakota Governor Doug Burgum are spearheading energy policy on Trump’s transition team. The pair are favoring scrapping the Biden administration EV tax credit to offset other tax breaks and reductions that Trump wants to make permanent, according to Reuters.
The EV tax credit benefits the sector of one of Trump’s biggest supporters, tech mogul Elon Musk, CEO of Tesla Motors, the largest electric vehicle manufacturer in the United States and the second largest globally. Musk has previously supported killing the tax credit, however, because as much as its recension would hurt Tesla, it would hurt Tesla’s competitors even more, according to the Tesla CEO.
“I think it would be devastating for our competitors and for Tesla slightly,” Musk said in a July earnings call, according to Business Insider. “But long term probably…
