Tesla (TSLA) stock is soaring after former President Donald Trump’s victory in the 2024 U.S. presidential election. While CEO Elon Musk was a vocal supporter of Trump, the president-elect has not expressed the same enthusiasm for the electric vehicle industry.
"It’s interesting because there’s a lot of government help or regulation or incentive all pushing the electric vehicle transition, and Tesla’s absolutely benefited from that, but we also know that Donald Trump doesn’t necessarily support that thinking," iSeeCars.com Executive Analyst Karl Brauer told Yahoo Finance.
Brauer notes that a "government-led transition to EVs" is not a concept that Trump has embraced. He points to the broader EV market beyond Tesla, noting that other stocks in the sector are not experiencing the same rally as Tesla.
"It’s interesting to see that people feel like Elon’s relationship with Donald Trump will overcome a potential shift in policy," he adds.
Moving forward, Brauer believes that the policy under Trump regarding EVs may hurt the sector, including Tesla.
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