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

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Electric Vehicles News

Donald Trump,Elon Musk,General News

Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House. 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.

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. FILE - The logo of Tesla car is pictured at the Paris Auto Show, in Paris, Oct. 14, 2024. FILE - A Tesla Model 3 charges at a Tesla supercharging station in the parking lot of an outlet mall Sept. 25, 2024, in Lakewood, Colo.

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

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