Tesla shares soared 15% in pre-market trading this Wednesday (6), after Republican Donald Trump claimed victory in the US presidential race against Democratic Vice President Kamala Harris.
The electric vehicle maker’s chief executive, billionaire Elon Musk, has been an outspoken supporter of Trump this year and supported the former president throughout the election campaign.
Musk also promoted the former president on his X social media platform.
Trump said he would establish a government efficiency commission led by Musk if he won.
READ MORE: Donald Trump wins US election and returns to the White House
“It is still not very clear what will happen with subsidies for electric vehicles. A more conciliatory policy is likely to be adopted,” said Susannah Streeter, head of money and markets at Hargreaves Landsown.
“He likely wants to keep Elon Musk on his side, and if the government’s promised advisory role comes to fruition, Musk will exert more influence.”
Late last month, Musk said he expected Tesla vehicle sales to grow 20% to 30% next year.
