Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s company

FILE - Tesla and SpaceX CEO Elon Musk listens as Republican presidential nominee former President Donald Trump speaks at a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa.

“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.”

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

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Tesla shares soar 13% as Trump win sets stage for Elon Musk's electric vehicle companyShares 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.
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