Tesla’s stock reached a historic high on Friday, closing at $436.23, the highest-ever closing price for the electric vehicle company. This surge of 9.35% for the week caps off a strong streak for Tesla and its CEO, Elon Musk, with shares hitting an all-time high of $436.30 at one point. In just one month, Tesla’s stock has risen by an impressive 36%.
The upward trend in Tesla’s stock price began after Donald Trump’s election win last month, with shares jumping over 73% since then. Investors are optimistic about the company’s future, believing that Musk’s influence with the incoming administration could benefit Tesla. One particular area of optimism stems from reports suggesting that the Trump team may ease regulations on automakers, including rules that require companies to report crashes involving self-driving or semi-autonomous technology. If these regulations are relaxed, Tesla could potentially avoid reporting incidents involving its Autopilot and Full Self-Driving (FSD) software, which it has already done more than 1,500 times.
This potential shift in regulations, coupled with Musk’s leadership, has left investors excited about what lies ahead for Tesla. Analysts like Edison Yu of Deutsche Bank have increased their price targets for Tesla this week, raising them from $295 to $370. It seems that optimism surrounding Tesla is only growing stronger.
Overall, Tesla’s record-breaking stock price and the positive outlook from analysts and investors indicate a bright future for the company under Elon Musk’s guidance. The electric vehicle company continues to be a frontrunner in the industry, with promising developments on the horizon.