Electric vehicle stocks fell on Thursday after a report outlining the incoming Trump administration’s plans to eliminate a tax break for consumers who buy cleaner cars.

President-elect Donald Trump’s transition team plans to get rid of the $7,500 tax credit for electric car purchases as part of a broader tax overhaul, Reuters reports. If the credit is removed, the EV transition is likely to be hit hard, as the prices of several models will effectively increase.

Several companies, i.a Ford Motor Co. and Hyundai Motor Co., have adjusted their plans to ensure their vehicles qualify for the $7,500 tax credit. In just three months, EV buyers saved $600 million thanks to these credits, the Treasury Department said.

Electric truck and SUV manufacturer Rivian’s (TORN) stock fell more than 12% on Thursday, erasing much of the gains that came after Volkswagen (VWAGY) increased its planned investment in their joint venture to 5.8 billion dollars. Lucid’s (LCID) share price continued to fall from earlier in the day, falling 3%.

Even Tesla (TSLA), which has ridden an election-fueled stock boom to a $1 trillion valuation, saw its stock drop 5% on Thursday. Analysts see CEO Elon Musk’s close relationship with the president-elect as a boon for the stock; that relationship includes plans to make Musk co-head of the nonprofit Department of Government Efficiency.

Tesla Bull and Wedbush Securities analyst Dan Ives said Tuesday night that it is “clear that Musk will have a massive role in the Trump White House with his increasing reach clearly across many federal agencies,” adding that he is likely to be involved in discussions related to artificial intelligence and tariffs on China.

Read more: Automakers are bracing for Trump — and his anti-EV plans

Tesla representatives told a committee put together by the team that they support ending the subsidy, Reuters reported, echoing comments from Musk earlier this year, calling it “devastating” for competitors and a small hit for Tesla. These meetings have reportedly been led by North Dakota Governor Doug Burgum, a candidate for Trump’s “energy czar”, and Harold Hammthe billionaire founder of fossil fuel giant Continental Resource.

Trump has said he wants to eliminate the “Green New Scam,” referring to President Joe Biden’s pro-EV policies, including the Inflation Reduction Act (IRA), which is where the tax credits come from. On his first day in officeTrump plans to begin rolling back regulations from the Environmental Protection Agency and the Transportation Department and expand oil drilling.

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