Trump's transition team seeks to abrogate Biden's EV tax credit: Reuters

US President-elect Donald Trump's transition team is aiming to end a tax credit for electric vehicle (EV) purchases, a key element of President Joe Biden's Inflation Reduction Act, as part of broader tax reform legislation, Reuters reported Thursday, citing two unnamed sources.

The potential repealing of the $7,500 consumer tax credit is being discussed in meetings by an energy-policy transition team, which is headed by Harold Hamm, founder of Continental Resources, and North Dakota Gov. Doug Burgum, according to the news agency.

The removal of the credit could have an impact on EV sales and affect EV-producing companies and battery manufacturers. Naysayers have argued that ending the credit would impede a transition to EVs.

Tesla representatives have told a Trump transition committee they support repealing the subsidy, Reuters said.

During a campaign rally in August, Trump said he would consider ending the tax credit, noting that "tax credits and tax incentives are not generally a very good thing." (Yonhap)