Tesla shares hit record high, impact of Trump’s victory in America

Shares of Tesla, one of the big electric vehicle (EV) companies, have reached a record high. This is another big achievement by this company of billionaire Elon Musk. The company’s shares made a new high of $424.88 on Wednesday. After Donald Trump’s victory in the presidential election in America, Tesla’s shares have increased by almost 70 percent.

Early next year, the new US government led by Trump may eliminate tax credits on EVs. Apart from this, tariff on import of EV can also be increased. This will cause loss to China’s electric vehicle companies. Tesla can benefit from this. The company’s unit in China has posted its highest weekly sales of about 21,900 units in the first week of December. Musk had supported Trump in the elections. He also had a major stake in the donations given for Trump’s election campaign.

Tesla can also start its business in India soon. The company has again started the search for showroom space in Delhi. Earlier this year, Tesla had postponed its investment plans in the country. The company’s chief, Elon Musk, had postponed his visit to India in April. During this visit, Musk was also to have a meeting with Prime Minister Narendra Modi. EV sales have increased rapidly in the last few years.

Two sources with knowledge of the company told Reuters that the company is in talks with DLF about showroom space in the capital. However, another source said that Tesla’s deal with DLF, the country’s largest real estate company, is not certain. It is also in talks with other realty developers. The central government recently launched a scheme to promote EVs. Apart from DLF’s Avenue Mall in South Delhi, the company is also evaluating some locations in Gurugram for the showroom. Last year, Tesla’s Model Y was the best-selling car in the world.