EVgo Inc., a leading electric vehicle charging station operator, saw its stock plummet 13.29% in after-hours trading on Monday, following reports that the incoming Trump administration plans to implement sweeping policy changes that would cut off support for electric vehicles and charging infrastructure in the United States.

According to news reports, Donald Trump's transition team is recommending the elimination of the $7,500 federal tax credit for consumer EV purchases, a crucial incentive that has helped drive EV adoption. Additionally, the team seeks to claw back any remaining funds from the Biden administration's $7.5 billion plan to build out a nationwide network of charging stations, redirecting the money to bolster the domestic battery supply chain and "national defense infrastructure."

The proposed policy shifts represent a stark departure from the Biden administration's efforts to accelerate the transition to electric vehicles as a means of reducing greenhouse gas emissions and combating climate change. Instead, the Trump team's recommendations prioritize securing a China-free supply chain for batteries and critical minerals needed for EVs, citing national security concerns over the United States' reliance on Chinese imports in these sectors.