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

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NEW YORK (AP) — Shares of Tesla soared Wednesday following an election that will send Donald Trump back to the White House, an outcome that has been

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. NEW YORK — 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.

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.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.

WASHINGTON — Donald Trump has promised sweeping action in a second administration.

 

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