Tesla experienced another significant rally on Monday.
The stock price spike was triggered by the news that President-elect Donald Trump plans to make easing autonomous driving regulations a top priority for the U.S. Department of Transportation.
Tesla shares soared more than 7% compared to the previous weekend.
According to foreign media, Trump’s transition team is planning to ease federal regulations on autonomous driving.
There are growing expectations about the potential benefits Tesla could see under a second Trump administration, given that CEO Elon Musk is credited as a key figure behind Trump’s election victory.
Although Tesla has not yet produced fully operational autonomous vehicles as planned, expectations remain high.
The company aims to mass-produce driverless taxis, known as robotaxis.
Last month, Musk unveiled the “Cybercab,” a robotaxi concept vehicle. Priced at $30,000, the Cybercab is a two-seat vehicle with no acceleration, braking pedals, or steering wheel. Passengers will not need to monitor the vehicle’s operation, nor will they be able to do so.
In the robotaxi market, Tesla faces stiff competition from Waymo, a Google subsidiary.
Waymo is one of the few companies successfully operating autonomous vehicles in several U.S. cities.
At an event last month, Musk announced Tesla’s plans to introduce Model 3 and Model Y vehicles next year equipped with full self-driving (FSD) features that require no human supervision.
As of 12:24 PM Eastern Time on Monday, Tesla’s stock had jumped $23.02 (7.18%) compared to the previous weekend, reaching $343.74.
Since Trump’s election, Tesla’s stock has skyrocketed by 41.5%.
