ALBAWABA - On Monday, Tesla's shares jumped more than 8% after Bloomberg revealed that President-elect Donald Trump's transition team would be enacting federal rules for self-driving cars.
Elon Musk, the CEO of Tesla, and Vivek Ramaswamy, an entrepreneur, were named by Trump to head the Ministry of Government Efficiency in his next administration.
With an emphasis on developing a single federal framework for self-driving technology, Trump's team is aggressively looking for candidates for key positions within the Department of Transportation, according to sources quoted by Bloomberg.
Recently, Elon Musk, a strong Trump supporter, called the existing state-by-state clearance procedure for autonomous vehicles "incredibly painful" and pushed for a more efficient system.
According to Quilter Cheviot analyst Mamta Valicha, "A federal regulatory framework could simplify the approval process, enabling Tesla to accelerate its efforts in fully autonomous driving tests."
Tesla's shares have increased 8.2% to $347.10 as of 15:49 GMT. The move is a huge boost for Tesla, which is working to establish itself as a leader in the field of self-driving cars.
