Loading... Customers in the U.S. looking to purchase an electric vehicle can get a $7500 federal EV tax credit for several models including from Tesla Inc. TSLA Tesla Cybertruck (Single Motor and Dual Motor) Tesla Model 3 (Long Range AWD, Long Range RWD, Performance variants) Tesla Model X (AWD Variant) Tesla Model Y (Long Range AWD, Long Range RWD, Performance variants) Chrysler Pacifica PHEV Trump’s Take On EV Tax Credits: In November, Reuters reported that Donald Trump‘s transition team plans to kill the $7,500 tax credit available on EV purchases. On Monday, after his inauguration, Trump himself said his administration would consider ending EV tax credits. “The Republicans have a very small majority in the House, which could make it hard for the party to pass legislation of any kind,” The Future Fund Managing Partner Gary Black said about a possible repeal of the tax credit on Monday. “Another wild card is Elon Musk, with $TSLA accounting for nearly half of all EVs sold in the country. With Elon Musk close to the president, it is important to know how he will seek to shape changes to the tax credit. Other auto executives have also been lobbying Mr. Trump against a repeal of the credit. Among them is Ford's executive chairman, William C. Ford Jr., who recently spoke to the president-elect.” However, Tesla CEO Elon Musk, a close Trump ally, has previously supported scrapping of the tax credit. "In my view, we should end all government subsidies, including those for EVs, oil and gas," Musk said in November. During Tesla’s second-quarter earnings in late July, Musk also said that the impact of the elimination of subsidies would only be slight for Tesla but devastating for its competitors. The elimination of EV subsidies would probably help Tesla in the long term, he added. However, not all are in agreement. Tesla researcher Troy Teslike has previously said that the loss of tax credit will only make Tesla lose its market to gas cars from luxury car brands. Trump, on Monday also revoked a 2021 executive order signed by former President Joe Biden that sought to ensure that 50% of new vehicles sold in the U.S. by 2030 are electric. Check out more of Benzinga’s Future Of Mobility coverage by following this link. Read Next: