Getting rid of the federal rebate could devastate the electric vehicle industry, but Tesla CEO Elon Musk doesn't mind. Here's why.

There's a lot of chatter about the President-elect's plans to eliminate the electric vehicle tax credit. Here's what's happening.

To be sure, the EV tax credit won’t disappear tomorrow. Trump doesn’t assume office until January. And he can’t do this alone; he’d need Congress to delete the credit as part of a wider tax bill. Those negotiations could stretch out for months.