Over the past year, Tesla's performance took a hit on the market after being the center of controversy regarding self-driving woes, but that changed now as the clean energy EV company saw another stock rally in the market. This was prompted by none other than President-elect Donald J. Trump who recently expressed his sentiments on the United States self-driving technology.
The recent claim from Trump and his team focuses on its plan to fast-track the United States' self-driving regulations which would help technologies from their current struggles to deliver this new driving experience.
Tesla Stock Rallies Again Thanks to Donald Trump
An almost eight percent rise was experienced by Tesla earlier today as the new week started, with the company rallying in the United States premarket trading according to the report by CNBC. The person behind this massive rally by Tesla was not its CEO and owner, but his close ally amidst the election season, Donald Trump, who recently detailed his plans to expand more self-driving technology.
One of Tesla's top technologies in its electric vehicles is its self-driving features which are either the Autopilot which features the assistive technology for hands-on driving, as well as the fully-autonomous FSD.
It is important to note that Elon Musk and Tesla faced significant scrutiny behind their Full-Self Driving (FSD) technology because of the many accidents that claim the technology to be the culprit.
Read Also: Donald Trump's Administration Is Abolishing US EV Tax Credits—Say Goodbye to $7500 Reductions
New US Regulations to Focus on Self-Driving
The latest stock increase for Tesla was largely due to Trump's future plans to further the United States' focus on self-driving technology regulations, where the would-be President already tapping on the US Transport Department's shoulders. Part of these measures is to offer more 'lax' rules on self-driving technologies in the country, pushing for regulations that will help its availability for Americans.
However, there is no official word regarding the upcoming rules of self-driving technology in the United States from either the Transport Department or Trump's team. That being said, it already made Tesla more popular again among investors.
Tesla's Self-Driving and Recent Stock Rise
There have been differing focuses under these early changes that Trump and his team unveiled that they are looking to eradicate the Biden administration's US EV tax credits that are also coming soon under the upcoming administration. However, it will not entirely affect the self-driving and clean energy car transition of the country, as Musk is a close ally to the next President.
In the recent US 2024 elections, hours after Trump took his win, stocks of companies associated with the renowned politician significantly grew, marking a new beginning for these corporations. Tesla saw a 15 percent surge while the Trump Media and Technology Group basked in the glory of a 30 percent rise in the stock market immediately after the businessman's comeback win.
The recent weeks have already seen what to expect of Trump's administration in the future, with the changing of many agency leaders, down to campaigning for the US cryptocurrency industry that is already paying off. Elon Musk and Tesla are among the top names who stood to benefit from this Trump affiliation, and the company saw a recent rise again, thanks to the upcoming President's support for self-driving technology.
