Tesla shares soar as Trump win sets stage for Musk’s electric vehicle company

Elon Musk (Evan Vucci/AP)

Shares in Tesla have soared after an election win for Donald Trump that had been strongly backed by chief executive Elon Musk in the closing months of the presidential race.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors.