Citing two people familiar with the matter, Reuters is reporting that Trump’s transition team is aiming to kill the EV tax credit as part of a larger tax reform program. Tesla is said to support the move and it’s clear CEO Elon Musk has Trump’s ear after backing him during the campaign.

A Trump agenda dead set on slowing EV adoption could be a disaster not just for Tesla but also for every other US automaker, too. Throw in Trump’s controversial tariff plan, and well… you have a political and economic mess of unprecedented proportions that could shape the auto industry in America for years to come.

Shares of US automakers fell after Reuters reported President-elect Donald Trump plans to eliminate the $7,500 consumer tax credit for electric-vehicle purchases.