Stock Track | Tesla Stock Surges After Trump's Election Victory on Hopes of Regulatory Support

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Tesla's (TSLA) stock price soared following Donald Trump's victory in the 2024 U.S. presidential election, fueled by investor optimism that the company and its CEO, Elon Musk, will benefit from a more favorable regulatory environment under the new administration.

Since Election Day on November 5, Tesla's shares have surged by nearly 30%, propelling the electric vehicle maker's market capitalization past the $1 trillion mark for the first time since April 2022. The rally comes as a direct result of Musk's close association with Trump throughout the campaign, during which the Tesla CEO spent over $130 million supporting the President-elect's bid for a second term.

Analysts believe that a Trump presidency could help expedite regulatory approval for Tesla's autonomous driving technology and potentially ease electric vehicle regulations. There is also speculation that Trump may eliminate EV tax credits, which could give Tesla a competitive advantage as one of the few profitable EV makers.

On Monday, Wedbush Securities analyst Dan Ives raised his price target on Tesla to $400 from $300, citing the potential for a "gamechanger" impact on the company's autonomous driving and AI initiatives under a Trump administration. Ives believes that the "federal regulatory spiderweb" around Tesla's full self-driving efforts could clear significantly, accelerating the company's autonomous driving timeline and providing a tailwind for its Cybercab (robotaxi) plans.

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