By South China Morning Post | Created at 2024-11-08 00:21:44 | Updated at 2024-11-08 02:58:41
2 hours ago
Chinese stocks associated with Tesla rose after the US election, as investors bet the world’s largest maker of electric-vehicles (EVs) will prosper under Donald Trump’s second presidency given his close ties to CEO and co-founder Elon Musk.
On Thursday, shares of some Chinese manufacturers that are believed to be suppliers to Tesla surged by about 20 per cent in morning trading.
“All in,” said one investor on the popular investing forum Xueqiu.com, where the topic “Tesla concept stocks are rallying. Is it too late to buy?” was the second-most discussed.
Musk was a major backer of Donald Trump during his campaign. On Wednesday, the Republican candidate praised Musk during his victory speech.
Musk said in July that the Chinese government would approve the firm’s Full Self-Driving (FSD) software by the end of this year. However, last month, state-media outlet China Daily reported that Chinese authorities are still reviewing the application with a focus on data safety and regulations.
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