Trump budget proposal wants an end to the electric vehicle tax credit

The White House proposed on Monday eliminating a tax credit worth up to $7,500 on the purchase of new electric vehicles, a move it says would save the U.S. government $2.5 billion over a decade.

Major automakers have been lobbying Congress to extend the credit that phases out after companies hit 200,000 vehicles sold. They are hopeful Congress could expand the benefit by including it in a package of extended tax provisions that would otherwise expire that could win approval this year.