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NRIPage | Articles | Tesla Reaches $1 Trillion Market Cap as Autonomous Vehicle Plans | Get Business News. Grow and Thrive in the Modern Market around the world - NRI Page
Tesla Inc. regained a market capitalization of $1 trillion on Friday after its shares surged by 26.1% throughout the week. This surge in stock price was driven by investor optimism surrounding President-elect Donald Trump’s recent electoral victory and the potential benefits of his return to the White House for Tesla’s future growth. The company had previously crossed the $1 trillion market cap in October 2021, December 2021, and March 2022, but it had been a while since it reached this milestone again.
Tesla CEO Elon Musk has long been a vocal supporter of Trump, and the two have maintained a close relationship. Musk was part of Trump’s inner circle during his previous presidential campaigns and even offered to take a position in Trump's cabinet if he were to return to power. Musk's support for Trump was evident during the recent election campaign, where he contributed at least $130 million to a pro-Trump initiative.
The rally in Tesla's stock price also follows positive news regarding the company’s vehicles. Research firm Barclays noted that Tesla’s Model 3 and Model Y, when used for ride-hailing services, meet Federal Motor Vehicle Safety Standards, meaning they are not likely to face significant federal regulatory barriers. During Tesla's third-quarter earnings call, Musk also expressed his intention to use his influence with a potential Trump-Vance administration to establish a federal approval process for autonomous vehicles. Currently, approvals are managed on a state level, and Musk views this fragmented regulatory landscape as a challenge Tesla needs to overcome as it moves toward offering fully autonomous driving systems.
Despite the recent rally, analysts remain divided on Tesla’s future stock performance. Among the 61 analysts tracked by Bloomberg, 27 have a "buy" rating on the stock, 19 have a "hold" rating, and 15 have a "sell" recommendation. Bloomberg's consensus 12-month price target for Tesla's stock is $236.77, which suggests a potential downside of 24.7% from Thursday’s close. However, the stock has gained more than 26% so far in 2024, reflecting investor confidence in Tesla's long-term prospects, especially amid growing interest in autonomous vehicles.
