On November 6th, Tesla's stock surged 14.75%, continuing a two-day streak that saw an 18.81% increase, with the intraday high reaching the highest level since July 2023. The spike in Tesla's share price coincided with CEO Elon Musk's vocal support for Donald Trump.

During a speech in Florida, Trump praised Musk as an "amazing individual," highlighting Musk's dedication to Trump's campaign efforts. Trump mentioned Musk's involvement in several areas, including spending weeks campaigning in different regions of Pennsylvania, and also lauded SpaceX for its technological contributions.

Musk has become increasingly involved in U.S. politics, notably contributing significant funds to support Trump's candidacy. Reports indicate that Musk donated at least $1.18 billion to the American Political Action Committee, playing a crucial role in Trump's campaign in swing states. Musk's influence extends to his ownership of the social media platform X (formerly Twitter), which he has leveraged to support Trump despite its claimed neutrality.

The potential implications of a Trump presidency for electric vehicle policies have been a subject of discussion. Trump has previously been skeptical of clean energy initiatives and has expressed intentions to reduce automotive regulations. Despite these concerns, Musk posits that Tesla might benefit in a deregulated environment, asserting that the removal of subsidies could potentially favor Tesla over its competitors due to its scale in the electric vehicle market.

Amidst this political dynamic, Tesla's recent business activities highlight its expansion in energy storage. The company secured an 800 MWh storage order, with new projects set to commence in Australia by mid-2025. Tesla’s energy installations have reached a cumulative capacity of 20.4 GWh in the first three quarters of the year, marking significant growth in its energy sector.

Simultaneously, Tesla has opened its Supercharger network to non-Tesla vehicles in Sweden, marking a milestone in its efforts to broaden access. This initiative aligns with similar projects in the Netherlands and positions Tesla as a key player in supporting electric vehicle infrastructure worldwide.