Tesla Stock Volatile Amid Election and Market Changes

Tesla's stock has experienced significant volatility, initially surging 9% in premarket trade following Donald Trump's election, as investors anticipate favorable policies for autonomous vehicles under his administration. Reports suggest that Trump's transition team plans to prioritize a federal framework for self-driving vehicles, potentially easing regulatory hurdles and benefiting Tesla. The company's CEO, Elon Musk, has been appointed to co-lead the Department of Government Efficiency, which aims to cut regulations and government spending. Tesla's ambitious robotaxi plans, if successful, could unlock significant revenue, though competition from companies like Waymo and BYD remains intense. Despite recent gains, Tesla's stock faced some pullback, with key technical levels suggesting potential support and resistance points. Meanwhile, BYD has overtaken Tesla in total electric vehicle sales, although Tesla remains the leader in all-battery electric vehicles.