On November 9, 2024, Tesla's market value exceeded $1 trillion, marking a significant surge linked to CEO Elon Musk's endorsement of President-elect Donald Trump.
Tesla's shares rose over 6%, reaching a two-year high of $315.56, following a 19.3% gain at the close of trading on Thursday.
Musk's support is anticipated to favor regulatory conditions for Tesla's autonomous vehicle initiatives and may influence the National Highway Traffic Safety Administration to delay actions concerning Tesla's current driver assistance systems.
Focusing on autonomous technology, Musk has shifted away from plans to produce a budget vehicle priced under $30,000. However, development and regulatory hurdles have postponed the rollout of such technologies.
Garrett Nelson, a senior equity analyst at CFRA Research, stated, "Tesla and CEO Elon Musk are perhaps the biggest winners of the election outcome, and we believe Trump's victory will expedite regulatory approval for the company's autonomous driving technology."
Tesla has maintained its position as the world's most valuable automaker for years, with competitors like Japan's Toyota Motor and China's BYD trailing by several hundred billion dollars.