Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Tesla shares soar 14% as Trump win sets stage for Elon Musk's electric vehicle company

Shares of Tesla soaring after an election that will send Donald Trump back to the White House, an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race

Via AP news wire
Wednesday 06 November 2024 14:56

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Shares of Tesla soared Wednesday following an election that will send Donald Trump back to the White House, an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race.

Tesla stands to make significant gains under a Trump administration due to its size, with the expectation that subsidies for alternative energy and electric vehicles will be threatened.

While that would be a negative overall for the industry, it could give Tesla an advantage because of market share. Shares of rival electric vehicles sank sharply Wednesday.

Tesla shares jumped 14% at the opening bell.

Trump has proposed tariffs of 10% to 20% on foreign goods that would also impact electric vehicle maker's outside the U.S., especially in China.

“Tesla has the scale and scope that is unmatched," said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Shares of rival EV maker Rivian plunged 8% and Lucid Group fell 4%. China-based NIO slid 5.3%.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in