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Tesla Shares Boosted by Trump Election Win

Tesla (NYSE:TSLA) shares were higher by more than 17% on Wednesday as investors cheered Donald Trump’s election win.

TSLA – Weekly Chart

TSLA – Weekly Chart

The price of TSLA jumped above resistance at the $265 level, and now, target prices are near $300. That is one of the barriers ahead of the $414 highs.

Elon Musk has been a regular at Donald Trump’s campaign rallies and has supported the incoming President in interviews. Investors are buying Tesla stock as they expect Trump to repay Musk’s efforts with business-friendly policies that can boost companies like Tesla.

Tariffs on Chinese cars and support for U.S.-based manufacturing plants could be potential returns for Musk. “Trump is not necessarily a big supporter of the concept of a government-led transition to EVs,” iSeeCars analyst Karl Brauer said. “So it’s interesting to see that people feel like Elon’s relationship with Donald Trump will overcome a potential shift in policy because I do think the EPA regulations and expectations for electric vehicle sales and market share are not realistic”.

Musk, the world’s richest man, donated $43.6 million to America PAC in early October. Yahoo Finance reported that his total known political spend this year is over $132 million. Trump has promised Musk a position in his administration, suggesting Musk could lead a commission on cutting government spending.

Musk was not always on the side, saying Trump was too old to run for President again. However, a snub by President Biden at an EV summit was said to be a turning point. His ownership of the X platform also had him fearing that the Democrats would target his free speech ideals if they won.

For now, investors are brushing aside Tesla’s recent sales struggles and are considering the upside of a Trump Presidency for Tesla.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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