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

2025-05-07 20:19:19source:Poinbank Exchangecategory:Stocks

NEW YORK (AP) — Shares of Tesla soared Wednesday following an election that will send Donald Trump back to the White House,John Caldwell an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race.

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.

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.

Tesla shares jumped 14% at the opening bell.

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.

“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.”

Shares of rival EV maker Rivian plunged 8% and Lucid Group fell 4%. China-based NIO slid 5.3%.

More:Stocks

Recommend

Biden administration makes final diplomatic push for stability across a turbulent Mideast

AQABA, Jordan (AP) — Top U.S. officials were in the Middle Easton Thursday, pushing for stability in

Would you like to live beyond 100? No, some Japanese say

SEOUL — A new survey has found that most Japanese would, in fact, not rather live until 100 despite

Jamil was struggling after his daughter had a stroke. Then a doctor pulled up a chair

This story is part of the My Unsung Hero series, from the Hidden Brain team, about people whose kind