Current:Home > MarketsTesla shares soar 14% as Trump win sets stage for Elon Musk’s electric vehicle company-LoTradeCoin
Tesla shares soar 14% as Trump win sets stage for Elon Musk’s electric vehicle company
View Date:2024-12-23 16:52:39
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 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%.
veryGood! (113)
Related
- Prosecutor failed to show that Musk’s $1M-a-day sweepstakes was an illegal lottery, judge says
- British golfer Charley Hull blames injury, not lack of cigarettes, for poor Olympic start
- Does Halloween seem to be coming earlier each year? The reasoning behind 'Summerween'
- New Orleans mayor’s former bodyguard making first court appearance after July indictment
- Candidates line up for special elections to replace Virginia senators recently elected to US House
- 'I'm a monster': Utah man set for execution says he makes no excuses but wants mercy
- SUV crash that killed 9 family members followed matriarch’s 80th birthday celebration in Florida
- Messi injury update: Ankle 'better every day' but Inter Miami star yet to play Leagues Cup
- Congress returns to unfinished business and a new Trump era
- 3 years after the NFL added a 17th game, the push for an 18th gets stronger
Ranking
- Lunchables get early dismissal: Kraft Heinz pulls the iconic snack from school lunches
- US auto safety agency seeks information from Tesla on fatal Cybertruck crash and fire in Texas
- An Activist Will Defy a Restraining Order to Play a Cello Protest at Citibank’s NYC Headquarters Thursday
- Tony Hawk drops in on Paris skateboarding and pushes for more styles of sport in LA 2028
- Ranked voting will decide a pivotal congressional race. How does that work?
- Census categories misrepresent the ‘street race’ of Latinos, Afro Latinos, report says
- It's my party, and I'll take it seriously if I want to: How Partiful revived the evite
- 2024 Olympics: Gymnast Ana Barbosu Taking Social Media Break After Scoring Controversy
Recommendation
-
Mississippi Valley State football player Ryan Quinney dies in car accident
-
Lessons for Democracy From the Brazilian Amazon
-
Blake Lively’s Inner Circle Shares Rare Insight on Her Life as a Mom to 4 Kids
-
Olympics track highlights: Quincy Hall wins gold in 400, Noah Lyles to 200 final
-
Sydney Sweeney Slams Women Empowerment in the Industry as Being Fake
-
Audit: California risked millions in homelessness funds due to poor anti-fraud protections
-
Chief beer officer for Yard House: A side gig that comes with a daily swig.
-
Blake Lively receives backlash for controversial September issue cover of Vogue