Investing.com — Shares of Tesla Inc (NASDAQ: ) rose more than 4% in after-hours trading on Robinhood (NASDAQ: ) Sunday evening after Bloomberg reports that the incoming Trump administration is completely on its own. Establish a federal framework for mobility vehicles and make it a top priority for the Department of Transportation.
The development is seen as a major boon for Tesla, which is at the forefront of fully autonomous driving. CEO Elon Musk has been a strong supporter of President-elect Donald Trump and is now counted among his inner circle. Musk and Vivek Ramaswamy are heading the recently announced Department for Government Efficiency (DOGE), which was tasked with reducing waste in government spending.
Telsa recently announced plans to launch a robotaxi service in 2026. Current regulations may limit possible service. However, Musk’s influence in the new Trump administration could lay the groundwork for mass deployment and the success of the new Tesla service.
Shares of Tesla have risen 28 percent since Trump won the election on Nov. 5.
