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Tesla’s electric vehicles are parked in a parking lot at the Tesla Gigafactory Berlin-Brandenburg plant.
Patrick Pleul | Picture Alliance | Getty Images
Tesla It reversed losses from earlier in the day to turn higher on Friday, as shares of the electric vehicle maker appeared to wrap up a volatile week of trading.
Shares were up 0.7% at 11:10 a.m. ET, erasing losses from earlier in the day — at one point, Tesla earlier lost as much as 6% in U.S. premarket trading.
On Wednesday, Tesla shares fell 8% to post their worst day ever By Donald Trump victory in the presidential election in November. For the week, Tesla shares are still slightly down.
Trump’s victory prompted a sharp rally in Tesla shares as investors increased their bets that the electric vehicle firm will benefit thanks to its CEO Elon Musk’s close ties to the president-elect.
The stock is still up 72% from the market on November 5 – the night of the US presidential vote.
Musk was appointed by Trump to co-lead the newly created Department of Government Efficiencyalso called “DOGE”. The acronym for the Presidential Advisory Commission’s proposal shares the same name as the Internet meme that inspired the cryptocurrency called “memecoin,” dogecoin.
Dogecoin briefly shared in the price after the creation of the body.
Musk has been a major supporter of Trump during the Republican’s election run, pouring $277 million primarily into his campaign effort, according to Federal Election Commission filings. Musk is the the richest person in the worldwith a net worth of $439.4 billion, according to Forbes.
Last month, Bloomberg News reported that Trump’s transition team plans to pursue a federal framework to regulate self-driving vehicles.
Tesla and Trump’s transition team did not immediately respond to a CNBC request for comment on the report.
If true, the move would provide a major boost to Musk’s EV business. Tesla is betting its future on the idea of launching mass fleets of autonomous vehicles, known as “robotaxis” services. At the company’s “We Robot” event in October, Musk unveiled the company’s Cybercab concept car.
Tesla has yet to deliver on Musk’s promise to offer truly autonomous vehicles. Tesla’s Autopilot and “Full Self-Driving” paid services still require a human behind the wheel to monitor the system’s actions and take over if necessary.
In other Tesla-related news, data released by the European Automobile Manufacturers Association on Thursday showed that sales of Tesla cars fell 40.9% in November, outpacing the overall decline of 9.5% in the sale of battery electric vehicles (BEV) in the bloc.
Separately, Tesla also on Friday said it was recalling nearly 700,000 vehicles in the United States for a problem with its tire pressure monitoring system. Software recalls aren’t typically a huge problem for Tesla, however, as it can issue “over-the-air” updates to fix these issues.
