Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) jumped 8.9% in the afternoon session after Bloomberg reported that the Trump administration seeks to create a federal framework for self-driving cars.

Tesla's recent stock surge is attributed to potential benefits from Trump's policies. Read why I maintain my sell rating on TSLA.

Tesla stock ($TSLA) has been on a tear since the results of the 2024 election became clear. After closing just over $251 on Tuesday, November 5, the stock rose 27.8% by end of week to just over $321,

Tesla (NASDAQ: TSLA) shares have been on a roll in recent weeks. Tesla shares were higher by 3.7% as of 1:45 p.m. ET. Much of the recent euphoria has been related to CEO Elon Musk and his relationship with President-elect Donald Trump.

The automotive lobbying group Alliance for Automotive Innovation is leading efforts to keep the EV purchase tax credit.

Tesla (NASDAQ: TSLA) is currently the eighth-largest company in the world with a market cap of just over $1.05 trillion as of this writing. The results of the U.S. elections have helped drive Tesla's share price higher,