Trump supporters get rowdy outside Trump Tower in Midtown, dance on Tesla Cybertruck during Election Day
Tesla shares surged 14% on Wednesday after President-elect Donald Trump – whose campaign the electric-car maker’s CEO Elon Musk outspokenly supported – clinched a victory.
Trump has said he would consider ending a tax credit for electric vehicle purchases, which could hamper EV makers’ sales. “Tesla has the scale and scope that is unmatched in the EV industry and 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 from flooding the US market over the coming years,” he said.Ives said Trump could also push through some autonomous initiatives for Tesla and Waymo cars.
Clean energy stocks, meanwhile, fell Wednesday morning as investors worried Trump would toss climate and environmental policies.
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