Tesla’s stock (TSLA) soared by as much as 15%, but it settled down by about 11% at the time of writing on the Trump victory as Tesla shareholders believe CEO Elon Musk would get things out of backing the President.
But what?
I have been curious about how Tesla’s stock would react to the election as the Democrats have been really good to Tesla through the new EV tax credit and IRA, which is giving Tesla billions in incentives for batteries and charging stations.
And on the other hand, Tesla’s CEO Elon Musk invested over $100 million in getting Trump elected despite the fact that he repeatedly said he doesn’t believe in electric vehicles and he wants to remove all those incentives.
Fundamentally, for Tesla’s business, the Democrats appear better, but I suspected that Tesla shareholders would follow Musk in seeing Trump as a better signal, considering how strongly he backed him.
Sure enough, Tesla (TSLA) is up 11% today on the news of Trump’s election:
What can Trump do for Tesla?
Of course, there’s the theory that Musk is backing Trump to get help out of his pickles with the SEC, DOJ, Labor Board, and more government agencies who have been investigating him over his tendency to flirt a dangerous line with laws and regulations.
While this can affect Tesla, it mainly affects Musk’s ownership of Tesla or his role at the company, which is something that shareholders have made clear that they value. That might explain some of the positive sentiments about the stock today.
In terms of actual policies that would be beneficial to Tesla, you have to dig a bit deeper to understand a potential positive outlook.
Musk has admitted that removing incentives will hurt EV sales, but he believes that Tesla’s cost structure would be better suited to survive the slowdown, which should shake off some of the competition. That’s a potential avenue that could be positive for Tesla’s stock, albeit negative for Tesla’s original mission, which was to accelerate the entire auto industry toward electrification.
The only thing that Musk clearly stated that he would try to push that could potentially help Tesla is a federal pathway to approve a self-driving system, but even that would require Tesla to have a working self-driving system.
The company claims it will happen by Q2 2025, but it claimed it will happen every year for the last 5 years.
Electrek’s Take
My main issue with this and why I sold my Tesla stocks is that it goes against the mission. Tesla’s mission was to accelerate the world’s transition to electric transport and renewable energy – not to take advantage of government incentives, lobby the government/get Trump elected to remove the incentives and gate-keep the competition so it could retain higher market shares.
That’s not something I can ethically be a part of.
That said, I wish Trump the best since if he actually does well, it means that the US will do well. I just have my doubts for obvious reasons.
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On today’s festive episode of Quick Charge, Tesla steps up for its owners by calling in mobile charging stations to cut down on wait time. Meanwhile Hyundai has some extra goodies for your stockings and Texas is cleaning up its act.
We’ve also got big savings for Toyota bZ4X and Subaru Solterra shoppers, as well as some good environmental news in the form of new solar and wind projects coming online at a record clip, and a dirty Texas mine that’s cleaning up its act.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!
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Dodge is rolling out a hefty discount on the 2025 Charger Daytona EV even though it hasn’t officially hit the market yet. According to a dealer bulletin, the 2025 Daytona EV qualifies for a juicy $3,000 discount, but you won’t see it advertised anywhere. Here’s how you could snag this deal and save big.
On December 13, Stellantis introduced the BEV Dealer Cash Coupon Program, an incentive program designed to sweeten the deal on electric Dodge models. Under this program, dealers get a $1,000 cash coupon for the Charger Daytona – and here’s the kicker – they can stack up to three of these coupons for a total of $3,000 in savings. Unlike traditional rebates that go directly to the buyer, dealers have the option to keep the incentive as extra profit.
The program covers both the 2024 and 2025 Dodge Charger Daytona EVs for purchases and leases. But there’s more: if you’re leasing, you can stack that $3,000 dealer cash with a $7,500 lease incentive tied to a commercial tax credit (unavailable when buying). Add it all up, and you could score a whopping $10,500 in savings. This deal is slated to end on April 30, 2025, so there’s time to plan your move.
For some context, the 2024 Dodge Charger EV starts at $61,590, including destination fees. With $10,500 in potential savings, that’s an impressive 17% discount off MSRP—and that’s before you factor in any additional dealer discounts. Interestingly, Dodge has a higher-than-usual difference between invoice and MSRP pricing on the Daytona, meaning there’s room for negotiation if you’re savvy.
Of course, there are a few things to watch out for. Dealer participation varies, so your results may depend on where you shop. Plus, Dodge hasn’t released pricing for the 2025 Charger Daytona yet, so there’s some guesswork involved. Still, if you’re hunting for a bargain, the 2024 Charger EV stands out as one of the best financing deals right now, offering 0% interest for up to 72 months.
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Toyota’s electric SUV may soon get a fresh start. After a rocky debut, the Toyota bZ4X is reportedly due for a rebrand, with a new name coming as soon as 2026.
Is Toyota giving the bZ4X a new name?
After launching the bZ4X in 2022, Toyota’s first electric SUV had a bumpy market debut. In June 2022, all bZ4X models were recalled over concerns that the wheels could fall off.
Since then, Toyota has struggled to gain traction. Through the first nine months of 2024, Toyota sold 13,577 bZ4X models in the US. Although that’s double the roughly 6,500 sold through Q3 2023, it’s still less than 1% of its over 1.7 total vehicles sold through September.
As Toyota looks to turn things around, the bZ4X is due for a complete rebrand. Speaking at a recent auto press event in Quebec, a regional director for Toyota Canada said the company is preparing to change the bZ4X name.
According to Motor Illustrated, Patrick Ryan, Toyota’s regional director for Quebec and Atlantic Canada, said the name change will occur over the next year.
Toyota just revealed the 2025 bZ4X last week, so it will likely be for the 2026 model year. Prices for the 2025 Toyota bZ4X start at $37,070 in the US, or $6,000 less than the outgoing model. The FWD model has an EPA-estimated range of up to 252 miles, while the AWD trim has a range of up to 222 miles.
Toyota promotes its bZ branding as “beyond Zero” in reference to EVs cutting emissions. Meanwhile, the “4” determines its format (think RAV4), and the X tells us it’s a crossover.
In the US, all Toyota vehicles are badged with an actual name other than the RAV4 and bZ4X. A new name may make sense since bZ4X is a bit of a tongue twister and had a less-than-favorable reception.
After unveiling its new Urban Cruiser electric SUV earlier this month, will Toyota follow a similar route with the bZ4X? Although its first three-row electric SUV is now delayed until 2026, we could see a completely different naming system rollout.
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