The incoming Trump administration has signaled it may repeal the $7,500 EV tax credit program, according to Reuters reporting.  The EV tax credit, a part of the Inflation Reduction Act, is under scrutiny by Harold Hamm, head of Trump’s energy-policy transition team, and ND Governor Doug Burgum (R-ND).

In an Oct. 15 letter to Congress, the Alliance for Automotive Innovation stated that continuing the EV tax credits was “critical to cementing the U.S. as a global leader" in future auto manufacturing. On Friday Nov. 15, U.S. Energy Secretary Jennifer Granholm said that cancelling the credits would make the U.S. less competitive.

Shares of Tesla fell 6% to $311.18, while shares of EV rival's Rivian closed down 14% at $10.31, and Lucid, tumbled 5% to $2.08.