Tesla Stock Skyrockets After Trump Win
Tesla’s stock price was up more than 10% in pre-market trading after Donald Trump was declared the winner of the presidential election.
Elon Musk has become a close confidant of Trump’s and is expected to play a significant role in his administration, likely in an advisory capacity.
Trump has said he plans to roll back many of the government programs and policies supporting electric vehicle production and enact new tariffs to keep out foreign competition, which could benefit Tesla as the most established American EV brand.
The stock prices for General Motors and Ford were also up in the 2-3% range as the broader market looks to pop on the news of Trump’s win, which lifts the threat of steeply increased taxes on industry and may result in an overhaul of government regulations.
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GM and Ford had already started to slow their transition to EV lineups as the demand for them proved to not be growing as quickly as was projected several years ago.
Ford has delayed the launch of several new models and isn’t expected to add to its portfolio of the F-150 Lightning, Mustang Mach-E and E-Transit van before 2027, when it debuts a new low-priced midsize pickup.
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GM has been steadily adding new models and will have a dozen on sale by the end of next year, but has pushed off the start of production at a new electric truck plant from late next year to the middle of 2026.
Rivian was the only major U.S. automaker to see a decline in stock price following the election result, but the all-electric brand is scheduled to release its third-quarter earnings on Thursday, which may also be a factor in its performance.
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