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Fortune

Marco Quiroz-Gutierrez

Trump killing the EV tax credit would hurt Tesla but be catastrophic for Elon Musk's competition, analysts say

Tesla Inc. Elon Musk United States Donald Trump Erin Keating Wedbush GM Rivian

(Credit: Justin Merriman—Bloomberg via Getty Images)

President-elect Donald Trump will reportedly cut the EV tax credit when he takes office in January, but contrary to popular belief, Wedbush analysts say the move could actually benefit Trump’s “first buddy,” Tesla CEO Elon Musk.

The Trump transition team is planning to kill the tax credit, Reuters reported Friday, citing two anonymous sources with direct knowledge, and yet representatives from the largest U.S. EV maker, Tesla, favor the move.

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