The Trump administration is loosing rules to help U.S. automakers like Elon Musk's Tesla develop self-driving cars so they can take on Chinese rivals. U.S. companies developing self-driving cars will be allowed exemptions from certain federal safety rules for testing purposes,

The Trump administration will allow self-driving cars an exemption from some safety rules for testing amid a push to compete with China, Transportation Secretary Sean Duffy said Thursday.

KEY TAKEAWAYS Tesla shares jumped Friday, extending their recent rally after CEO Elon Musk said he would spend more of his time focusing on Tesla, as the Trump administration moved to loosen rules around self-driving cars.

BYD's net profit rose 100% to $1.3 billion for the first quarter, while Tesla's slumped more than 70% in the same period.

Chinese electric car maker BYD’s doubled its profits to $1.3 billion in the first quarter as it continues to surge past its key rival, Elon Musk’s Tesla. The Shenzhen-based firm — whose annual revenue leapfrogged past Tesla’s last month to surpass the $100 billion mark — said quarterly revenue rose 36% to 170.

BYD reported 9.15 billion yuan in net income for the first quarter of 2025, beating out Tesla for the second time in less than a year.