Shares of US electric car giant Tesla rose to an all-time high Wednesday.

Tesla's share price rose to $424.77, gaining 5.9 percent. As a result, the company’s market value reached $1.36 trillion.

Tesla shares were on the rise after Donald Trump, whom chief executive officer Elon Musk supported, was elected the 47th president of the US last month.

Since Trump's election victory, the company’s shares have gained over 67 percent.

The US president-elect’s announcement that Musk and entrepreneur Vivek Ramaswamy would lead the Department of Government Efficiency (DOGE) also had an impact on the direction of Tesla shares. 

Shares of electric vehicle giant Tesla posted a significant increase following Donald Trump's election victory on Wednesday.

To recall, on November 7 or after Trump's victory, the firm's share went up by around 13.3 percent to $284.7.

Trump is expected to implement additional tariffs on imported goods, including electric vehicles (EVs), particularly from China.

This situation will strengthen the dominance of Tesla in the US EV market.

Elon Musk, owner of the firm, was one of the biggest supporters of Trump during the election process. 

TESLA PHOTO