Tesla shares soar 14% as Trump win sets stage for Elon Musk's electric vehicle company

Shares of Tesla soaring after an election that will send Donald Trump back to the White House, an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race. Tesla stands to make significant gains under a Trump administration due to its size, with the expectation that subsidies for alternative energy and electric vehicles will be threatened. While that would be a negative overall for the industry, it could give Tesla an advantage because of its market share. Shares of Tesla spiked 14%, while shares of rival EV maker Rivian plunged 8%. Lucid Group slipped 4% and China-based NIO fell 5.3%.