The electronic automobile manufacturer is looking to keep up a record pace, as Tesla (TSLA) is looking to have its best month ever with the stock surging a remarkable 33% over the course of November. Indeed, the Elon Musk-led firm is set to benefit from policy shifts in the company’s favor. That could only increase its potential in the coming year.
On Friday, shares of the company increased over 2% while both the S&P 500 and Dow Jones index only rose 0.3%. With shares of the EV developer reaching $340 to end the week, there are high hopes for its continued success. Moreover, November’s metrics show that there is room for the stock to continue gaining with 2025 fast approaching.
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Tesla Set for Biggest Month Yet as TSLA Stock Should Only Get Bigger
After Donald Trump emerged victorious in the 2024 US presidential election, the stock market responded massively. Indeed, Trump’s impending return to the White House led both Nasdaq and S&P 500 to reach record levels. Moreover, Bitcoin has continued surging, reaching a $99,000 all-time high last week.
Although much of Wall Street has returned to normal a month removed, one stock has not. Indeed, Tesla (TSLA) is still on pace for its biggest month ever amid its 33% surge so far this November. A lot of that likely has to do with Muck’s close connection to Trump. After all, the billionaire is currently tasked with leading the Trump administration’s DOGE commission.
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Currently, the November increase is its largest monthly boost since January 2023, when the stock increased 41%. It appears the only thing holding it back is the ongoing Trump tariff plan. Specifically, a 25% tariff on Canadian and Mexican-produced goods.
However, California Governor Gavin Newsome had offered a $7,5000 tax credit for EV purchases if Trump does away with federal credit. That was a slight boost that curtailed some of the concerns.
Alternatively, Tesla’s November 2024 performance is slated to be in the top 10% of months the company has had since its stock began trading in 2010. However, it could still end up outdoing many of its competitors and has a chance to beat the 41% monthly increase record.