Bloomberg’s Report According to , Tesla’s market value has increased by more than $300 billion since Trump’s victory last week. The company’s shares closed nearly nine percent higher at about $350 on Monday. Musk has an important contribution in Trump’s victory. Because of this, Tesla is likely to benefit. The company has crossed the market value of one trillion dollars for the first time in more than two years. With Trump’s victory, the company’s autonomous driving technology may soon get approval from the regulator.
Due to the strong rise in Tesla’s shares, Musk’s wealth has also increased to more than 300 billion dollars. Musk also had a prominent place among those who donated to Trump. Tesla’s competitors may suffer big losses due to the new government’s reduction in subsidies for EVs in America. Apart from this, Trump also plans to increase tariffs on imports from China. This could have a major impact on the sales of Chinese EV makers in the US, where Tesla ranks first in the EV market with more than 48 percent share. EV sales have increased rapidly in the last few years.
There was a decline in both sales and profits of the company in the first half of this year. It is facing tough competition from EV companies like China’s BYD. However, the company’s profit increased by about 17.3 percent in the third quarter. Tesla’s full self-driving system is also being investigated in America. During the election campaign, Trump had said that if he becomes the President of America for the second time, he will offer Musk to take charge of a new department to reduce the obstacles from the bureaucracy.
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Electric Vehicles, Manufacturing, Tesla, Features, Market, Elon Musk, Investors, Government, Donald Trump, Technology, Donation, China, Election, BYD, Prices
