Wedbush analyst and Tesla Inc TSLA bull Dan Ives said on Friday that former President Donald Trump winning in the upcoming presidential elections could be a “silver lining positive” for the EV giant and its billionaire CEO Elon Musk.
What Happened: Ives is of the opinion that Tesla’s ‘comeback’ story has begun with the worst of demand issues in China fading out and the company expected to launch its robotaxi product in August. Furthermore, if Trump were to be elected President in the upcoming elections, it would be bullish for the company, Ives told CNBC.
“A Trump presidency would, at the end of the day, be bullish for Tesla, negative for EVs,” Ives said. The analyst expects Musk to get more front and center if Trump is in the White House unlike under President Joe Biden when Musk has actively been ignored.
Ives, a Tesla bull, believes that the EV company is on the run-up to a $1 trillion market cap from its present market cap of $629.61 billion. However, the stock is down 20.3% year-to-date after closing at $197.88 on Friday.
Why It Matters: Trump has been a vocal critic of the Biden administration’s push for EVs saying American people also want the “choice” to purchase gas cars. However, earlier this month, he also said that he is a fan of Musk.
Musk during Tesla’s annual shareholder meeting earlier this month also said that Trump calls him out of the blue and is a big fan of the Cybertruck. The billionaire did not divulge the reasons behind these calls.
However, Musk on Friday slammed both Biden and Trump as “talking puppets” following the first presidential debate in the run-up to the 2024 elections. He also remarked that the debate was a "clear victory…for memes."
Trump and Biden are still just presumptive nominees – they have not yet been nominated officially by their respective parties. Following the debate, there are also murmurs about possible replacements for Biden, including Gavin Newsom, Hillary Clinton, and Michelle Obama.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photos Via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
