Tesla stock soars double digits after Trump win

Published On Nov 6, 2024, 8:39 AM

Tesla's stock jumped over 12% in premarket trading following Donald Trump's victory in the recent presidential election. Investors reacted positively as they believe Trump's policies might favor Tesla, especially in the context of potential changes to electric vehicle (EV) tax incentives. Analyst Dan Ives noted that, while the overall EV industry might experience some downsides, Tesla could thrive due to its established market position and competitive advantages. Ives estimated that the stock could rise by $40-$50 per share as a result of these developments, with a possibility of Tesla hitting a $1 trillion market cap if its autonomous driving initiatives are accelerated.