Tesla stock jumped 8% on reports that Trump plans to ease regulations on self-driving cars
Auto expert Lauren Fix joins ‘Cavuto: Coast to Coast’ to discuss the impact of Trump’s presidential victory on Tesla’s red-hot stock price.
Shares of Tesla rose more than 8% on Monday morning before beginning to fall in the afternoon following reports over the weekend that President-elect Trump’s team was looking to ease regulations on self-driving cars.
A report from Bloomberg on Sunday said Trump’s team plans to develop a regulatory framework for self-driving cars as part of the Department of Transportation’s (DOT) priorities.
Tesla shares rose on Monday following reports that the Trump administration intends to ease regulations on self-driving cars. (Photo by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images / Getty Images)
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| TSLA | Company TESLA INC. | 334.02 | +13.30 |
+4.15% |
Wedbush analysts led by Dan Ives wrote in a note following the report, “This could be a major step forward in loosening US regulations on self-driving cars and a key culmination of Tesla’s autonomous and AI vision toward 2025.”
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Tesla shares have risen more than 53% in the past month since Trump won the presidential election, securing a second term with the support of Tesla CEO Elon Musk, whom Trump tapped to lead the new Department of Government Operations.
Tesla CEO Elon Musk (R) speaks on stage as he joins former US President and Republican presidential candidate Donald Trump during a campaign rally at his assassination attempt in Butler, Pennsylvania on Oct. 5, 2024. (JIM WATSON/AFP via Getty Images/Getty Images)
Analysts wrote that “Musk’s significant influence in the Trump White House has become more powerful and finally Tesla’s golden path around Cybercabs and autonomy is now accessible through a strong Trump/Musk alliance that plays out in real time and is very much in line with our thesis.”
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In a previous note, Webbush analysts predicted that Tesla’s value could double to $2 billion in the next 18 months.
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While news that Trump’s second administration is pursuing a self-driving car framework sent Tesla stock higher, shares of rideshare giants Uber and Lyft were lower on Monday, down about 6.5% and 5.5%, respectively.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| BER | Company UBER TECHNOLOGIES INC. | 69.34 | -3.90 |
-5.33% |
| LYFT | Company LYFT INC. | 17.15 | -0.97 |
-5.35% |
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