December 11, 2024 at 4:17 PM Tesla (TSLA) shares closed at an all-time high on Wednesday as the EV maker continues its relentless run higher since President-elect Donald Trump’s victory. Tesla stock is up an eye-popping 69% since Trump’s election win last month. CEO Elon Musk’s big bet on a Trump win, and the resulting influence he is seen as having on the new administration, has investors bullish on Tesla’s prospects. Tesla stock closed at $424.77, and touched an intraday high of $424.88. Tesla's previous record close was $409.97, which occurred over three years ago on Nov. 4, 2021. (See the chart below for real-time and historical results.) Aside from the Trump victory and Musk's big bet paying off with an expected role in the new administration, there are other reasons for Tesla's march to new highs. Late Tuesday night, Tesla’s China unit said it sold 21,900 EVs on the mainland during the first week of December, its highest weekly sales thus far in Q4. The disclosure comes after Tesla revealed November was its best month of the year, with 73K units sold, Reuters reported. Tesla’s big month and early December have come with the company offering incentives like 0% interest loans for five years and 10,000 yuan (approximately $1,400) for new Model Y loans. Many analysts believe a more open administration will make it easier for Tesla to get approval for its FSD (full self-driving) software and Robotaxi service on the federal level, though state and local governments hold sway here. Analysts like Edison Yu and Deutsche Bank, John Murphy of BofA, and Adam Jonas of Morgan Stanley have improved their price targets for the stock over the past few days. “We raise our price target from $295 to $370, mainly assigning greater value toTesla's autonomy efforts,” Yu wrote yesterday in a note to clients, adding that “given our belief the new US administration can streamline federal regulations around deployment of robotaxi, we increase our robotaxi forecasts.” Yu also said Tesla’s so-called “Model Q” cheap EV was on track for debut next year. Morgan Stanley’s Adam Jonas reiterated his Tesla ‘top pick’ call and upped his price target to $400 from $310. “From our ongoing client discussions, we hear enthusiasm for all things AI, data-centers, renewable energy, robotics and on-shoring,” Jonas wrote, noting that Musk’s emergence on the political scene may expand Tesla’s sphere of influence beyond cars. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.