President-elect Trump's transition team is aiming to scrap the tax credit for purchasing electric vehicles enacted during the Biden administration, Reuters reports.

The $7,500 tax credit for buyers of electric vehicles could be vanishing early in the new Trump administration, but that might actually be good news for Tesla and its CEO Elon Musk, one of President-elect Donald Trump’s most prominent backers.

Tesla stock was up in early trading Friday, rebounding from a steep drop on Thursday after Reuters reported that President-elect Donald Trump plans to reduce or eliminate the electric-vehicle purchase tax credit,