01:28 PM EST, 11/14/2024 (MT Newswires) -- Rivian Automotive ( RIVN ) and Lucid Group ( LCID ) shares fell 11.6% and 2.7% in recent Thursday trading, respectively, after Reuters reported that US President-elect Donald Trump's transition team plans to end the $7,500 consumer tax credit for purchases of electric vehicles.

Citing two sources with direct knowledge of the matter, Reuters said Tesla (TSLA) representatives told the Trump team they favored ending the subsidy.

Tesla Chief Executive Elon Musk, who backed Trump's campaign, said in July that ending the subsidy might "slightly" impact Tesla, but would be "devastating" for its competitors.

Tesla didn't immediately respond to a request for comment from MT Newswires.

Tesla shares were down 4.4% in recent trading.

Price: 10.64, Change: -1.39, Percent Change: -11.55