Tesla shares pop as Trump declared winner in presidential race
REUTERS/STEPHANI SPINDEL
People pass the New York Stock Exchange in Manhattan on the 2024 U.S. Presidential Election Day in Manhattan in New York City.
Stay updated on Hawaii and national elections coverageTesla shares surged 12% in premarket trading on Wednesday as Republican Donald Trump claimed victory in the U.S. presidential race against Democratic Vice President Kamala Harris.
The electric-vehicle maker’s billionaire CEO, Elon Musk, has been an outspoken Trump supporter this year and has endorsed the former president throughout the electoral campaign.
Musk has also promoted the former president on his X social media platform.
Trump has also said he would establish a government efficiency commission headed by Musk, if he wins.
“It’s still highly unclear what would happen to subsidies for EVs, it’s likely a more conciliatory policy will be incoming,” Susannah Streeter, head of money and markets at Hargreaves Landsown.
“He’s likely to want to keep Elon Musk onside and if the promised government advisory role comes through Musk will wield more influence.”
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Tesla’s Frankfurt-listed shares also rallied more than 14% on Wednesday.
Late last month, Musk said he expects Tesla vehicle sales to grow 20% to 30% next year. Its U.S.-listed shares were trading at $283 in premarket trading on Wednesday.
