Investing.com — Tesla Inc (NASDAQ:) shares rose over 4% in after-hours trading on Robinhood (NASDAQ:) Sunday evening following reports from Bloomberg that the upcoming Trump administration will establish a federal framework for fully self-driving vehicles and make it a top priority for the Department of Transportation.
The development is seen as a major boon for Tesla, which has been leading the charge for fully autonomous driving. CEO Elon Musk has been a major supporter of President-elect Donald Trump and is now considered in his inner circle. Musk and Vivek Ramaswamy are heading up the recently announced Department of Government Efficiency (DOGE), which was tasked with cutting government spending waste.
Telsa recently announced plans to launch a Robotaxi service in 2026. Current regulations could limit the potential service. However, Musk’s influence in the new Trump administration could lay the groundwork for mass deployment and success of the new Tesla service.
Tesla shares have been up 28% since Trump won the election on November 5th.