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Tesla electric vehicles are parked in a parking lot at the Tesla Gigafactory Berlin-Brandenburg plant.
Patrick Pleul | Alliance of the image | Getty Images
Tesla on Friday reversed earlier day losses to rise as shares of the electric vehicle maker looked to close out 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 was down as much as 6% in premarket trading in the US.
On Wednesday, Tesla shares fell 8% to post their worst day since Donald Trump’s victory in the presidential elections in November. During the week, Tesla shares are still slightly lower.
Trump’s victory led to a sharp rally in Tesla shares as investors increased their bets that the electric vehicle firm will benefit from its CEO Elon Musk’s close ties to the president-elect.
Shares are still up about 72% since the market closed on Nov. 5, the night of the US presidential vote.
Musk was appointed by Trump to co-lead the new creation 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 so-called “memecoin” cryptocurrency, dogecoin.
Dogecoin briefly raised the price after the creation of the body.
Musk was a big supporter of Trump during the Republican’s campaign, investing $277 million primarily in his campaign, according to Federal Election Commission filings. Musk is the the richest person in the worldwith a net worth of $439.4 billion, according to Forbes.
Last month, Bloomberg News reported that Trump’s transition team planned to pursue a federal framework for regulating self-driving vehicles.
Tesla and Trump’s 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 betting its future on the idea of deploying massive fleets of autonomous vehicles, known as “robotaxis” services. At the firm’s “We Robot” event in October, Musk unveiled the firm’s Cybercab self-driving concept car.
Tesla has it still falls short of Musk’s promise to deliver truly autonomous vehicles. Tesla’s Autopilot and paid “fully autonomous 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 Thursday by the European Association of Automobile Manufacturers showed that sales of Tesla cars fell 40.9% in November, outpacing the overall 9.5% drop in battery electric car (BEV) sales on the block.
Separately, Tesla also said Friday it was recalling nearly 700,000 vehicles in the US due to a problem with its tire pressure monitoring system. However, software-related recalls aren’t usually a big deal for Tesla, as it can issue “over-the-air” updates to fix these issues.
