"Trump's transition team plans to abolish IRA electric vehicle tax credit"

Foreign media reports say U.S. President-elect Donald Trump's transition team is planning to abolish the U.S. inflation reduction law, the IRA-based electric vehicle tax credit.

An energy policy team led by oil and gas company Continental Resources" founders Harold Ham and North Dakota Governor Doug Burgum is discussing abolishing the IRA tax credit, Reuters said, citing sources.

He also explained that Tesla representatives reportedly supported the end of subsidies to the Trump transition committee.

Tesla CEO Elon Musk, who led Trump's campaign, said earlier this year that abolishing subsidies would hurt Tesla sales a little, but could devastate U.S. EV rivals, including established carmakers such as General Motors.

Any repeal of EV subsidies is expected to inevitably have an impact on EV producers as well as battery makers, Reuters said, adding that it could have serious implications for the already delayed transition to EVs in the U.S.