According to Zhito Finance APP, Trump plans to cancel the $7,500 electric vehicle consumer tax credit, and following this news, the stock prices of several auto manufacturers in the USA fell.

Foreign media cited sources saying that Trump's transition team is discussing the cancellation of this tax credit as part of a larger tax reform. It is reported that some representatives of Tesla (TSLA.US) also support the cancellation of this subsidy policy.

This subsidy cancellation plan is seen as a challenge to the climate legislation 'Inflation Reduction Act' signed by President Biden, which aims to encourage the popularity of electric vehicles. However, due to the high prices of electric vehicles and the lack of charging infrastructure, the promotion of electric vehicles in the USA has not been smooth. Trump previously stated that once in office, he would quickly reverse Biden's electric vehicle policies.

Caroline Levitt, a spokesperson for Trump's transition team, stated: 'The American people have overwhelmingly supported Trump for reelection, granting him the power to fulfill his campaign promises, and he will deliver on this promise.'

Among major electric vehicle manufacturers, Rivian Automotive (RIVN.US) plummeted more than 14%, Tesla fell over 5.7%, Ford dropped 0.27%, and General Motors decreased 0.16%.

Although Tesla is the leading enterprise in the USA's electric vehicle market, its CEO Musk stated that the company is capable of handling potential cancellations of incentives. Musk is currently part of Trump's core circle, helping the new government cut spending.

It is worth noting that if Trump wants to abolish the policy, he still needs Congressional approval. Foreign media pointed out that Trump's team has acknowledged that some provisions are difficult to cancel because certain funds have already been disbursed, including funds provided to Republican-led states.