Tesla stock soared by as much as 6 percent premarket on Monday as a popular business site reported that the federal government is looking to ease self-driving rules. Tesla CEO Elon Musk asked federal authorities to ease self-driving rules in October when he launched the Tesla Cybercab and Robovan. According to the report, the incoming government of President-elect Donald Trump is expected to oblige the electric vehicle maker by easing the current rules on self-driving vehicles.
Bloomberg reported on Sunday that its sources informed it that the Trump administration is seeking policymakers for the Transportation Department in transition. These policymakers will reportedly frame rules and regulations for self-driving vehicles. These new rules will be a boon for Tesla and other automatic vehicle makers. This favorable change for Tesla boosted the electric vehicle maker’s stock on Monday.
A change in federal self-driving rules is seen as a big boost for Tesla. The next big thing to roll out of Tesla’s plants is automatic vehicles. Musk detailed the ambitious plans of the electric vehicle maker last October, and the possibility of their fruition has increased after Trump’s victory.
Although all Elon Musk-led companies are expected to benefit from his proximity to President-Elect Trump, Tesla, X, and SpaceX might be the biggest beneficiaries. Tesla is a publicly traded company, and X and SpaceX remain private as of now.
Texas and California have already established frameworks for self-driving vehicles. A national framework would be a much bigger boost not only for Tesla, which is expected to achieve self-driving by mid-next year, but it would also benefit existing companies such as Waymo and Zoox. With a favorable change in federal rules, these robotaxi companies will be able to expand faster.
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