Tesla (TSLA) Stock Rises, Reversing Week’s Losses

tesla on Friday reversed losses from earlier in the day to rise as shares of the electric vehicle maker appeared to wrap up a volatile week of trading.

Shares were up 0.7% as of 11:10 a.m. ET, erasing losses from earlier in the day; At one point, Tesla lost as much as 6% in US premarket trading.

On Wednesday, Tesla shares fell 8% to record their worst day since. donald trump victory in the November presidential elections. During the week, Tesla shares continue to fall slightly.

Trump’s victory sparked a sharp rally in Tesla shares as investors increased bets that the electric vehicle company would benefit from CEO Elon Musk’s close ties to the president-elect.

The stock is still up about 72% since the market closed on November 5, the night of the US presidential election.

Musk was appointed by Trump to co-lead the newly created Department of Government Efficiencyalso known as “DOGE”. The acronym for the proposed presidential advisory commission shares the same name as the Internet meme that inspired the cryptocurrency called “memecoin,” dogecoin.

Dogecoin the price briefly skyrocketed after the creation of the body.

Musk was a major supporter of Trump during the Republican’s election campaign, investing $277 million primarily in his campaign effort, according to Federal Election Commission documents. Musk is the the richest person in the worldwith a net worth of $439.4 billion, according to Forbes data.

Last month, Bloomberg News reported that Trump’s transition team planned to pursue a federal framework to regulate autonomous vehicles.

The Tesla and Trump transition team did not immediately respond to a CNBC request for comment on the report.

If true, the move would offer a big boost to Musk’s electric vehicle company. Tesla is staking its future on the idea of ​​deploying massive fleets of autonomous vehicles, known as “robotaxi” services. At the company’s “We Robot” event in October, Musk presented the company’s autonomous Cybercab concept car.

Tesla has Musk’s promise to deliver truly autonomous vehicles has yet to be fulfilled.. Tesla’s Autopilot and paid “fully self-driving” 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 Tesla car sales fell 40.9% in November, outpacing the overall 9.5% drop in car sales. battery electric vehicles (BEV) in the block.

Separately, Tesla also said Friday that it was recalling nearly 700,000 vehicles in the U.S. due to a problem with its tire pressure monitoring system. However, software-related recalls are usually not a big problem for Tesla, as it can issue “over-the-air” updates to fix these issues.