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,

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.

At this point, many buyers are taking advantage of the credits at dealerships when they buy a car. In the past, they had to wait to claim it on their taxes the following year. Now, there’s the option of transferring their credit to the dealer and getting an instant rebate.