Tesla shares surged 12% in premarket trading on Wednesday as Republican Donald Trump claimed victory in the U.S. presidential race against Democratic Vice President Kamala Harris.
The electric-vehicle maker’s billionaire CEO, Elon Musk, has been an outspoken Trump supporter this year and has endorsed the former president throughout the electoral campaign.
Musk has also promoted the former president on his X social media platform.
Trump has also said he would establish a government efficiency commission headed by Musk, if he wins.
“It’s still highly unclear what would happen to subsidies for EVs, it’s likely a more conciliatory policy will be incoming,” Susannah Streeter, head of money and markets at Hargreaves Landsown.
