Tesla surges, other EV makers fall as Trump elected president
06/11/2024 14:55
(Updates)
** Tesla shares TSLA.O surge 12.5% to $282.94 after Donald
Trump elected U.S. president
** TSLA CEO, billionaire Elon Musk, has been an outspoken
Trump supporter this year and has endorsed the former president
throughout the electoral campaign
** Trump has said that he would make Musk head of a
government efficiency commission if elected
** Shares of Lucid LCID.O down 2.7% while Rivian RIVN.O
fell 7.6%
** Polestar Automotive PSNY.O down 5.9% while Nikola
NKLA.O was down 5.2%, VinFast 0TL.F down 2.8%
** Trump had said earlier that he would consider ending a
$7,500 tax credit for electric-vehicle purchases if elected
** "EV tax incentives will also likely to be trimmed. This
would be negative for the EV industry, but should give Tesla a
clear competitive advantage because of its scale and vertical
integration, giving it a cost advantage vs. legacy OEMs," Mamta
Valechha, consumer discreationary analyst at Quilter Cheviot
** Up to Tuesday's close, TSLA up 1% YTD
(Reporting by Aishwarya Venugopal and Harshita Mary Varghese in
Bengaluru)
((Aishwarya.Venugopal@thomsonreuters.com))