TSLA: Tesla Stock Jumps 5% on Trump Plan to Fast-Track Self-Driving Regulations

President-elect and his transition team are allegedly pursuing the approval of a federal framework that will help Musk’s robotaxis hit the streets.

• Tesla stock TSLA advanced 5.6% on Monday after a report came out saying that Donald Trump’s transition team is planning to speed up the approval of a federal framework for self-driving vehicles. Guess who’s on the receiving end? Elon Musk, who spent $130 million on getting Trump elected, has positioned his company at the forefront of a self-driving revolution with Tesla cybercabs and robovans.
• Musk has for years touted Tesla’s mission to roll out autonomous cars that would change the way people commute and even do business — cybercab owners can choose to convert them into robotaxis and earn passive income. To this end, ride-hailing company Uber UBER and its rival Lyft LYFT each fell more than 4% on Monday as Musk’s robotaxi network could dent their business models and seize a chunk of the market.
• Tesla’s most-advanced self-driving technology, Full Self Driving, or FSD, is capable of doing almost everything by itself but still needs constant human supervision. The EV maker has said it is nearing the inflection point where autonomous cars will perform better than humans all of the time. Self-driving taxis by Tesla are expected to hit the streets in late 2025. Meanwhile, Tesla shares are up 28% since Trump won the election, boosting Musk’s personal fortune by a mind-boggling $62 billion.