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No sector feared Donald Trump’s return to the White House more than green energy. Solar and electric vehicle (EV) shares have been sliding ever since Trump was selected as the 47th U.S. president. Tesla (TSLA), of course, is a notable exception here, as the Elon Musk-run company jumped back into the league of trillion-dollar companies a few days after the election results.
However, even TSLA stock has since pared its gains, and even fell out of the trillion-dollar club yesterday amid a broad-based sell-off in EV stocks on reports that Trump plans to nix the $7,500 EV tax credit. Incidentally, while the credit was in place during Trump’s first tenure as well, the Biden administration redefined the tariffs, which made Tesla and General Motors (GM) vehicles also eligible.