Tesla’s market value has increased by 29 percent over the past week, to more than US$230 billion.
The share price rose by 8.2 percent to $321.22, estimating the company’s current market value at one trillion dollars, the highest valuation the company has reached since 2023.
This followed immediately after Donald Trump won the US presidential election, due to expectations that Elon Musk’s companies will receive new privileges in the coming period owing to his support for Trump during the election and his contribution of no less than $119 million to the campaign.
Analysts expect Tesla to benefit from Trump’s victory in several ways, such as accelerating the approval of its fully self-driving systems, and postponing potential actions by the National Highway Traffic Safety Administration (NHTSA) regarding these systems after the company’s cars were involved in several accidents over the past years.
Musk had previously backed away from plans to offer a cheap electric car priced under $30,000 in order to focus on developing fully self-driving technologies.
Tesla’s sales rose in the third quarter of 2024 and its current valuation is higher than Toyota and BYD, and its sales are expected to increase by 20 percent to 30 percent over the next year.
Edited translation from Al-Masry Al-Youm
