AI Image
Tesla Rises 4% as DeSantis Vows to Make Flying Roadster Legal in Florida; Rivian and Lucid Slip
24/7 Wall St. • • business
Key Points:
- Tesla shares rose 4% to $367.59 after Florida Governor Ron DeSantis pledged to make Tesla’s flying Roadster legal in the state, providing a political boost following the vehicle’s recent unveiling.
- In contrast, smaller EV makers Rivian and Lucid saw their shares decline by 0.9% and 1.12%, respectively, reflecting their current unprofitable status and lack of similar headline support.
- Tesla’s strong Florida presence, including its Robotaxi service in Miami, Orlando, and Tampa, adds weight to the governor’s endorsement compared to its rivals.
- Despite the state-level support, federal regulators hold the ultimate authority on whether the flying Roadster can be approved, making Florida’s pledge largely symbolic at this stage.
- While the Roadster generates excitement, it is unlikely to impact Tesla’s near-term results significantly, as production is years away and Tesla’s growth strategy currently focuses on software and energy products.
