Rivian Automotive Inc. shares dropped 12% on Thursday, their worst day in months, on heightened concerns the Trump administration is readying a plan to axe EV tax credits. Tesla Inc. shares also headed south, but to a lesser degree, as Tesla is seen as ...

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, a report said.

Republicans have long opposed the $7,500 federal tax credit for electric vehicles contained in the Inflation Reduction Act (IRA). Now, it seems