Tesla stock (TSLA) led gains among the “Magnificent Seven” on Monday, surging nearly 12% amid investor optimism that President Trump’s tariff plans may not be as wide-reaching as previously anticipated.
Reports that Trump will hold off on bringing in levies on the auto sector on April 2 eased worries that Tesla’s bottom line would be impacted.
Shares of the EV maker had already been on a downward trend amid concerns of a drop in sales and a backlash against the brand over CEO Elon Musk’s involvement in politics.
The stock began digging out of its most recent dip last week when Tesla revealed plans to launch its robotaxi service in 2025.
On Monday, the electric car maker responded to complaints about a pause in its Full Self-Driving trial in China, saying it will release the features once regulatory approval is secured.
Last Thursday, CEO Elon Musk held an impromptu company all-hands, giving an update on the progress of a number of products while also attempting to assuage fears that he wasn’t ignoring his post.
The electric vehicle manufacturer’s sales have slipped recently in key regions like Europe, China, and even the US.
As Yahoo Finance’s Pras Subramanian recently reported, not only has the changeover to the new Model Y SUV been seen as a drag on sales, but Musk’s closeness to President Trump and embrace of right-wing politics may be also impacting the brand.
Tesla shares are down roughly 31% year-to-date.
