Shares of Tesla are jumping in premarket trading Monday on a report that President-elect Donald Trump's transition team is planning a federal framework for fully self-driving vehicles.

Tesla Inc (NASDAQ:TSLA) shares rose over 5% in after-hours trading on Robinhood (NASDAQ:HOOD) Sunday evening following reports from Bloomberg that the upcoming Trump administration will establish a federal framework for fully self-driving vehicles and make it a top priority for the Department of Transportation.

Tesla shares rose nearly 7% in trading before the bell on Monday after Bloomberg News reported that President-elect Donald Trump's transition team was planning to set up federal regulations for autonomous vehicles.

Tesla stock rocketed on Monday on a report President-elect Donald Trump’s team will make rules for self-driving cars a priority.

Elon Musk was a central figure in the business world pushing for Trump's return to the White House in the lead-up to this month's elections.

Tesla shares jumped on Monday following a report that President-elect Donald Trump’s transition team are planning to make a federal framework to regulate self-driving vehicles a top priority for the U.

A Waymo self-driving car pictured in San Francisco in 2023. (DAVID PHILLIPS)

President-elect Donald Trumps transition team is prioritizing federal regulations for autonomous vehicles, potentially accelerating innovations like Teslas Cybercab. Sources reveal plans to establish a framework