The Trump administration’s one-month delay on auto tariffs triggered a rally in electric vehicle stocks, though gains were modest.
On Wednesday, Tesla shares closed at $279.10, up 2.60%, while traditional automakers saw more substantial gains. General Motors’ shares surged 7.14%, Ford’s rose 5.18%, and Stellantis’s soared 9.28% on the New York Stock Exchange.
Tesla’s relatively muted performance likely stems from reports of a steeper sales decline in Germany. In February, its German sales plummeted 76% year over year, a sharper drop than January’s 59% decline.
Tesla is also facing a boycott movement in Europe, fueled by CEO Elon Musk’s perceived meddling in European politics.
With Tesla’s gains capped at around 2%, other EV makers also saw modest increases. Rivian increased 1.42% to $11.42, while Lucid added 3.33% to $2.17.