Electric vehicle stocks are falling Thursday after a report detailed the incoming Trump administration’s plans to axe a tax credit for consumers buying cleaner cars.

While Tesla is by far the top EV seller in the US, Chief Executive Officer Elon Musk has said the company will be better positioned to deal with the potential pullback of incentives. The billionaire has become a member of Trump’s inner circle and accepted a role helping the incoming administration to reduce government spending.

Trump's transition team is looking to do away with the $7,500 tax credit for EV sales as part of broader tax reform legislation, Reuters reported.

Ending the tax credit could have grave implications for an already stalling U.S. EV transition. And yet representatives of Tesla - by far the nation's largest EV seller - have told a Trump-transition committee they support ending the subsidy,