Elon Musk's role within Trump's inner circle reinforces the 'tough to bet against him thesis,' according to Barclays.
Tesla has been on a tear since Donald Trump won the U.S. presidential election, despite the president-elect's plans to target key benefits that have supported electric vehicle makers. The stock has soared more than 37% since the election, while legacy automakers such as Ford and General Motors have have seen modest gains of more than 5%. Pure-play electric vehicle stocks like Rivian and Lucid are flat and down more than 3%, respectively, since Trump's victory.
Once the EV tax credits are gone, they will face lower sales volume, hurting profitability, or will have to slash prices which will hurt their margins, according to a Friday UBS note. The biggest potential impact for Tesla is the acceleration of testing for self-driving cars, Sacconaghi said. Trump is planning to ease rules for self-driving vehicles, people familiar with the matter told Bloomberg News. Tesla's stock gained around 8% on Monday in wake of the report.
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