Tesla stock gains as Trump admin looks to support full self-driving framework
Source Investing
Investing.com -- Tesla Inc (NASDAQ:TSLA) shares rose over 4% in after-hours trading on Robinhood (NASDAQ:HOOD) Sunday evening following reports from Bloomberg that the upcoming Trump administration will establish a federal framework for fully self-driving vehicles and make it a top priority for the Department of Transportation.
The development is seen as a major boon for Tesla, which has been leading the charge for fully autonomous driving. CEO Elon Musk has been a major supporter of President-elect Donald Trump and is now considered in his inner circle. Musk and Vivek Ramaswamy are heading up the recently announced Department of Government Efficiency (DOGE), which was tasked with cutting government spending waste.
The Trump administration is seeking leaders to develop the department’s framework for regulating self-driving vehicles. Current federal rules significantly restrict cars without foot pedals and steering wheels. Former Uber (NYSE:UBER) executive Emil Michael is said to be one of the candidates under consideration to lead the department. Republican Representatives Sam Graves and Garrett Graves are also said to have been considered.
Telsa recently announced plans to launch a Robotaxi service in 2026. Current regulations could limit the potential service. However, Musk’s influence in the new Trump administration could lay the groundwork for mass deployment and success of the new Tesla service.
Tesla shares have been up 28% since Trump won the election on November 5th.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Prioritize filling the $27,000 gap and even try higher.
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Grayscale has recently unveiled a list of altcoins that may soon become part of the company’s investment products.The investment community often views Grayscale’s candidates as a reference point for b
Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE), could be on the verge of a massive parabolic rally following the recent victory of Republican U.S. presidential candidate Donald Trump.
Bitcoin Struggles to Reclaim $90,000 as Short-Term Holders Keep Gains in CheckBitcoin (BTC) rallied past the $90,000 psychological barrier on November 12. That day, it briefly traded at a new all-time high of $93,265. However, as of this writing, the king coin trades at $87,757, having shed 6% of its value in the past two days.
Bitcoin (BTC) rallied past the $90,000 psychological barrier on November 12. That day, it briefly traded at a new all-time high of $93,265. However, as of this writing, the king coin trades at $87,757, having shed 6% of its value in the past two days.
