NEW YORK (AP) — For Elon Musk fans, it’s the half a trillion-dollar bet.
FILE - Republican presidential nominee former President Donald Trump, left, claps as Tesla and SpaceX CEO Elon Musk prepares to depart after speaking at a campaign event at the Butler Farm Show, on Oct. 5, 2024, in Butler, Pa. That is how much the stock market value of Tesla has rocketed since the presidential election, a vertiginous climb uninterrupted in recent days despite a disappointing financial report that would have sunk the stock of nearly any other company.
Musk says the true value of company lays in a future of Tesla robots, thousands of them possibly by the end of the year, and in unsupervised, driverless vehicles. He promised in Tesla’s investor conference call to start offering such robotaxis in June in Austin, Texas, and across the country by the end of next year.
Perhaps more importantly, Trump has softened his stance toward China, a big market for Tesla, hitting the country with an additional 10% tariffs starting Saturday, and not the 60% he threatened on the campaign trail. Still, Trump’s decision to impose tariffs on Canada and Mexico, as well as China, should affect Tesla. Chief Financial Officer Vaibhav Taneja said last week the company should feel an impact to its business because it sources parts from around the globe.
Transportation Secretary Duffy promised senators at a hearing earlier this month that he would let the Tesla investigations follow the facts — specifically vowing to buck any political pressure to go easy on the self-described “first buddy” of the president.In early January, Tesla said sales dropped in 2024, a first in more than a dozen years, as rivals such as BMW, Volkswagen and China’s BYD come out with competitive EVs and steal market share.
Besides the business, Tesla shareholders must always keep one eye on the CEO himself. Lately, that’s meant weighing Musk’s foray into politics. “How many of these Tesla buyers agree with Musk?” said Felipe Munoz, a senior analyst at auto researcher Jato Dynamics. “I don’t see the point of alienating potential customers.”
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