Tesla shares zoom 14% as Donald Trump claims victory in US presidential elections

Elon Musk, Tesla's top shareholder, has supported Trump throughout his electoral campaign.

In his victory speech, Trump lauded Elon Musk and said, “We have a new star. A star is born: Elon."

"Musk’s sprawling business empire makes the election outcome very much in his interest — but it is not clear he loses either way. Take Tesla, which sells half of all electric cars in the US. Democrats like clean transport. But if a triumphant Trump scraps some clean-car subsidies, Tesla’s lead over less-advanced rivals such as General Motors looks more secure. Whoever wins, Americans will keep buying electric vehicles. In any case, Tesla’s $785bn market valuation hangs more on robotaxis and humanoid robots," the article added. 

The article further said that Musk has already won from this election in one sense: by grabbing attention. Tesla’s market value has increased by $300bn since its April lows. Interest in its boss among Google users has doubled since he tweeted support for Trump in July.

In separate development, Tesla has raised the wages of all employees at its German gigafactory outside Berlin by 4% since the start of November, the US electric carmaker said on Tuesday.

The hike comes a month after Tesla said it would give permanent jobs from November 1 to 500 temporary workers there.