Written by Cláudio Afonso | LinkedIn | X
Tesla shares surged 13% to $283 in early pre-market trading Wednesday, as former President Donald Trump edged closer to securing the 270 electoral votes required to return to the White House.
Trump declared victory early Wednesday from West Palm Beach, telling supporters, “This is a magnificent victory for the American people.”
Tesla CEO Elon Musk shared a photo on social media from Mar-a-Lago, depicting Trump in conversation with Musk and UFC President Dana White. In his victory speech, Trump hailed Musk as a “new star” and a “super genius,” recognizing Musk as one of his campaign’s prominent financial supporters.
“He’s a character, he’s a special guy, he’s a super genius,” Trump said, adding, “We have to protect our geniuses; we don’t have that many of them.”
In late October, during an interview with podcaster Joe Rogan, Trump raised concerns about the future of the U.S. automotive industry under increased reliance on electric vehicles (EVs), suggesting China would dominate EV manufacturing.
“When they say, go electric with the cars, China is going to be the one that gives us the cars. All those guys in Detroit are going to be out of business,” Trump said.
Musk, who endorsed Trump on July 13 after the assassination attempt on the former president, has voiced his views on trade policies that affect U.S. manufacturers.
Earlier this week, Musk expressed opposition to “sudden giant tariffs” on imported EVs, arguing that such measures would disrupt established supply chains and inflate production costs.
In a recent interview with Joe Rogan, Musk emphasized the challenges of relocating production back to the U.S.
“Companies need time to build a new factory, install equipment, and train people,” Musk said, warning that abrupt tariff shifts could impact costs and logistics.
President Joe Biden announced in May that tariffs on Chinese electric vehicles would increase from 25 percent to 100 percent to prevent subsidized Chinese products from overwhelming the U.S. market and hindering the development of the American green technology sector.
Written by Cláudio Afonso | LinkedIn | X
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