Tesla stock jumps on report Trump plans to ease regulations around self-driving cars
While Tesla rallied on the prospect of easing self-driving car rules, Uber and Lyft tumbled
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Tesla shares surged more than 8% on Monday morning before tapering off in the early afternoon following a report over the weekend that President-elect Trump's transition team is looking to ease the regulations surrounding self-driving vehicles.
The report from Bloomberg Sunday said Trump's team is planning to develop a regulatory framework for self-driving cars as part of a major priority for the Department of Transportation (DOT).
Tesla shares rose Monday following a report that the Trump administration aims to ease regulations around self-driving cars. (Photo by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 338.74 | +18.02 | +5.62% |
Tesla Inc.
Wedbush analysts led by Dan Ives wrote in a note following the report, "This would be a huge step forward in easing US rules for self driving cars and be a significant tailwind for Tesla's autonomous and AI vision heading into 2025."
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Tesla shares have soared more than 53% over the past month since Trump won the presidential election, securing a second term with the backing of Tesla CEO Elon Musk, whom Trump has tapped to co-lead a new Department of Government Efficiency.
Tesla CEO Elon Musk (R) speaks on stage as he joins former US President and Republican presidential candidate Donald Trump during a campaign rally at site of his first assassination attempt in Butler, Pennsylvania on Oct. 5, 2024. (JIM WATSON/AFP via Getty Images / Getty Images)
The analysts wrote "Musk's significant influence in the Trump White House is already having a major influence and ultimately the golden path for Tesla around Cybercabs and autonomous is now within reach with an emboldened Trump/Musk strategic alliance playing out in real time and very in line with our thesis."
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In a previous note, Webush analysts predicted Tesla's valuation could double to $2 trillion over the next 18 months.
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While the news that the second Trump administration is pursuing a framework for self-driving cars sent Tesla's stock higher, shares of rideshare giants Uber and Lyft were lower on Monday, down around 6.5% and 5.5%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 69.33 | -3.92 | -5.35% |
| LYFT | LYFT INC. | 17.30 | -0.82 | -4.53% |
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