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,

Tesla reportedly supports the Trump administration’s plan to kill the $7,500 federal tax credit for electric vehicles – something

President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.