Following its lacklustre H1 2024 performance and a poorly received robotaxi launch event, Tesla has rebounded significantly. The automaker’s Q3 financials hinted at the prospect of an improved sales outlook, and Chief Executive Elon Musk’s preferred presidential candidate, Donald Trump, won the US election. Trump previously stated he would be open to offering Musk a cabinet position if he returned to office.
On 8 November, the prospect of a close alliance between the two men boosted Tesla’s stock. Closing at US$321 a share, its market cap passed beyond US$1tr for the first time since 2022. The automaker is now twice as valuable as it was six months ago. This market rally comes not long after investment firms like JP Morgan recommended selling the stock.
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