Tesla Inc.'s stock rose more than 7% on Friday, pushing the company's market capitalization above $1 trillion for the first time since 2022.

Throughout the week, the firm's stock has surged around 27% following President-elect Donald Trump's victory in the US presidential election. Investors are increasingly hopeful that the return of the former president to the White House might prove advantageous for Tesla. Tesla CEO Elon Musk has played a significant role in Trump's campaign, contributing at least $130 million.

As of today, the carmaker is trading 26.46% higher year-to-date. At 10:31 am ET, the company's shares rose 7.03% to sell at $317.79.