Hyperdrive

Tesla Soars While EV Rivals Slump as Trump Win Upends Market

President-elect praised Elon Musk during election watch party
Tesla CEO has downplayed risk to EVs, emphasized deregulation

WATCH: Tesla shares surged on Trump’s win. Will Musk’s bet continue to pay off? Ed Ludlow reports.Source: Bloomberg

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By Craig Trudell

November 6, 2024 at 9:02 AM UTC

Updated on

November 6, 2024 at 4:54 PM UTC

This article is for subscribers only.

Tesla Inc. shares surged as investors wagered Donald Trump’s return to the White House will benefit Elon Musk’s company — even as the rest of the electric-vehicle market faces an increasingly cloudy outlook.

The carmaker’s chief executive officer was arguably the most prominent supporter of Republicans this election cycle, backing them with more than $130 million in spending and relentless messaging on X, his social media network. While Trump criticized EVs throughout his campaign, he softened his tone somewhat after Musk’s endorsement.