Joe Biden’s election as US President is considered a milestone in history for manufacturers of electric vehicles and clean energy in general.

One stock that has seen a significant jump in value under Biden’s presidency is Tesla Inc TSLA.

Tesla was founded in 2003 by current CEO Elon Musk, Martin Eberhard, Marc Tarpenning, Ian Wright and JB Straubel. It is one of the world’s leading electric vehicle manufacturers and a leader in renewable energy, providing access to solar roofs and powerwall batteries to consumers around the world.

In recent years, the company’s stock prices have skyrocketed as demand for clean energy solutions has increased.

See also: Every Tesla Model Y now qualifies for the full federal electric vehicle tax credit

Since Biden’s election, Tesla’s stock price has risen dramatically. On November 3, 2020, election day, the stock was trading at a split-adjusted price of around $130 per share. At the time of publication, it is trading at around $185.

That means if you had invested $1,000 in Tesla on Election Day, your investment would now be worth $1,423.

This 42.3% increase in Tesla’s stock price is due to several factors:

• Biden’s election was seen as a sign of that increased government subsidies in the broader EV market. This has made investors more confident about Tesla’s long-term prospects.
• The company’s upcoming new products, including the Cybertruckwere well received, resulting in increased investor confidence.
• Tesla’s new factories in China and Germany have improved its global reach and production targets. In fact, Tesla’s Giga Berlin succeeded double performance of the company’s Model Y in less than six months.

TSLA Price Action: According to data from Gasoline Pro, TSLA has a 52-week high of $384.29 and a 52-week low of $101.81. Shares are up 71.14% year-to-date to $185.00.

See also: Tesla Model 3 for $25,000? Cathie Wood explains how the EV maker can afford a drastic price cut

Photo: The White…