Tesla Motors, the leading automobile company, is currently in the headlines due to its recent stock surge. The stocks of Tesla Motors have risen 5% overnight, as speculations concerning the Trump administration favoring the EV domain bolstered prospects for the stock to claim a new high. TSLA is currently sitting at $320, already eyeing its next big target to claim and breach.

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EV Optimism Bolsters Tesla Stock: What Happened?

The recent US elections have crowned Donald Trump as the 47th president of the United States. As Trump ascends to his new position, the current elections saw Elon Musk heavily backing Trump, promoting him on all leading frontiers.

The duo has shown great conviction when it comes to altering the American legacy and helping it to reach a new high. This camaraderie is now being reflected on all frontiers, including cryptocurrency and Tesla stocks, both of which have been surging at a rapid pace. As Bitcoin soars to new highs leveraging Trump’s pro-crypto stance, Musk’s crowning as DOGE head is also fueling Tesla prices.

Per a recent post uploaded by the Kobeissi Letter, TSLA stocks have risen to 5% overnight on reports that the Trump administration may favor the EV domain. The post shared how speculation of Trump prioritizing the self-driving domain might be very much on the cards for active consideration now that the Musk-Trump duo is on the verge of resuming official political duties.

“BREAKING: Tesla stock, $TSLA, rises 5% in overnight trading. On reports that the Trump Administration will be prioritizing self-driving vehicle development. This comes after Tesla recently announced their fully autonomous robotaxi.”

The speculation is catching fire shortly after Musk announced Robotaxi, the independent self-driving car, in an attempt to bring innovation to the sector.

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Musk’s EV Firm Stocks: Technical Analysis

Per Wedbush, TSLA’s immediate high price target is now $400, with an average price threshold of $337.

“The high is $400 issued by Wedbush on November 11, 2024. The low is $24.86 issued by GLJ Research on October 17, 2024. The 3 most recent analyst ratings were released by RBC Capital. Jefferies, and Wedbush on November 15, 2024, November 14, 2024, and November 11, 2024, respectively. With an average price target of $337.67 between RBC Capital. Jefferies, and Wedbush, there’s an implied 5.28% upside for Tesla Inc. from these most recent analyst ratings.”

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