Tesla Inc. shares soared in premarket trading, reaching their highest level in over a year, after the announcement of Donald Trump’s victory in the 2024 presidential election.

Elon Musk, Tesla’s CEO and an active Trump supporter, raised millions of dollars through his America PAC and backed the campaign at key rallies throughout the fall. Trump’s win could lead to Musk taking on a significant role in the administration, possibly as head of a government efficiency commission aimed at optimizing federal spending.

Speaking to supporters in Palm Beach, Trump called Musk a “new star” of the Republican Party and a “super genius,” praising his assistance on the campaign and the quick deployment of Starlink in North Carolina following Hurricane Helene.

Trump also promised to review the policy on electric vehicles, including imposing stricter tariffs on foreign-made cars and reducing tax benefits for competitors like Ford and General Motors. With Tesla’s large manufacturing facilities in the U.S., this could provide the company a substantial edge, according to Wedbush analyst Dan Ives.

Tesla shares rose by 13.5% in premarket trading, reaching $285.41 per share — their highest mark since July last year.