According to the Zhitongcaijing APP, due to Musk's public expression of support for Trump, the market has generated optimistic sentiment towards Tesla (TSLA.US). At the same time, investors are preparing for the electric car manufacturer's second-quarter financial report and waiting for confirmation on the postponement of the Robotaxi event on August 8. The stock rose at the opening on Monday.
Last weekend, Musk tweeted several tweets expressing support for Trump, which led some analysts to see a scenario where Tesla would benefit if Trump wins the election.
Earlier this month, Musk seemed to have changed his position of not donating to either Republican or Democratic presidential candidates. According to reports, he donated to a powerful political action committee in Austin, Texas. Analysts believe that even if the government cancels some support for electric cars, Tesla will benefit in Trump's new administration.
Wedbush analyst Dan Ives said: 'I think Trump's support for Musk is bullish news. If Trump is elected president, it will ultimately be good for Tesla and bad for electric cars... I think this also reflects the fact that Musk has been overlooked under Biden's leadership... I think if Trump enters the White House, Musk will be more attention. This is bullish news for Tesla, especially if you start to see a reduction in electric car tax rebates- bad for the industry and good for Tesla.'
In addition, despite earlier news that the postponement of the Robotaxi event would put pressure on Tesla's stock price, Morgan Stanley believes that the delay in the event will not have a negative impact.
Analyst Adam Jonas and his team believe that the delay in the event will highlight Tesla's abilities in artificial intelligence beyond app-based automated driving cars. The company expects the 'Macro Plan' for Tesla's fourth part to be based on its commercial ambitions in artificial intelligence, robotics, and mixed computing (including in-car distributed heat and computing), covering everything from cloud to edge. Jonas pointed out: 'In the next few months/quarters, we expect the world of GenAI (digital artificial intelligence assistant) to 'collide' with the automotive ecosystem.'
As of the time of writing, Tesla's stock has risen by about 2% at the beginning of trading. In the past six weeks, the electric car manufacturer's stock price has risen by more than 40%.