Musk has emerged as a prominent member of Trump's inner circle. Tesla has lobbied for electric vehicle subsidies and other benefits over the years.

Wedbush analysts, led by stalwart Tesla bull Dan Ives, said Trump cutting the $7,500 consumer tax credit for EVs would not be surprising, and that it would take a bigger toll on traditional car manufacturers than on Tesla.

Ending the tax credit could have grave implications for an already stalling U.S. EV transition. And yet representatives of Tesla - by far the nation's largest EV seller - have told a Trump-transition committee they support ending the subsidy,