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Tesla shares soar 14% as Trump win is seen boosting Elon Musk's electric vehicle company

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Tesla shares soar 14% as Trump win is seen boosting Elon Musk's electric vehicle company
News

News

Tesla shares soar 14% as Trump win is seen boosting Elon Musk's electric vehicle company

2024-11-07 03:07 Last Updated At:03:10

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped more than 14% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5%. Shares of electric truck maker Rivian dropped 9% and Lucid Group fell almost 8%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16% gain for the year after rising the past two days.

A Trump 2024-decorated Tesla Cybertruck sits parked adjacent to Trump Tower, on New York's Fifth Avenue, Tuesday, Nov. 5, 2024. (AP Photo/Richard Drew)

A Trump 2024-decorated Tesla Cybertruck sits parked adjacent to Trump Tower, on New York's Fifth Avenue, Tuesday, Nov. 5, 2024. (AP Photo/Richard Drew)

FILE - A Tesla Model 3 charges at a Tesla supercharging station in the parking lot of an outlet mall Sept. 25, 2024, in Lakewood, Colo. (AP Photo/David Zalubowski, File)

FILE - A Tesla Model 3 charges at a Tesla supercharging station in the parking lot of an outlet mall Sept. 25, 2024, in Lakewood, Colo. (AP Photo/David Zalubowski, File)

FILE - The logo of Tesla car is pictured at the Paris Auto Show, in Paris, Oct. 14, 2024. (AP Photo/Michel Euler, File)

FILE - The logo of Tesla car is pictured at the Paris Auto Show, in Paris, Oct. 14, 2024. (AP Photo/Michel Euler, File)

FILE - Tesla and SpaceX CEO Elon Musk listens as Republican presidential nominee former President Donald Trump speaks at a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon, File)

FILE - Tesla and SpaceX CEO Elon Musk listens as Republican presidential nominee former President Donald Trump speaks at a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon, File)

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The Latest: Harris calls President-elect Trump to congratulate him on win

2024-11-07 03:03 Last Updated At:03:10

Republican Donald Trump was elected the 47th president of the United States on Wednesday, an extraordinary comeback for a former president who refused to accept defeat four years ago, sparked a violent insurrection at the U.S. Capitol, was convicted of felony charges and survived two assassination attempts. With a win in Wisconsin, Trump cleared the 270 electoral votes needed to clinch the presidency. Vice President Kamala Harris called Trump on Wednesday to congratulate him on his election victory.

Republicans reclaimed control of the Senate, picking up seats in West Virginia and Ohio. Top House races are focused in New York and California, where Democrats are trying to claw back some of the 10 or so seats where Republicans have made surprising gains in recent years.

Follow the AP’s Election 2024 coverage at: https://apnews.com/hub/election-2024.

Here’s the latest:

Democrat Sen. Tammy Baldwin’s reelection win in Wisconsin won’t change who controls the Senate, but it does give Democrats just a little breathing room.

With a handful of Senate races still undecided, Republicans on Wednesday have been anticipating just how much they could grow their majority. The Senate’s filibuster rules prevent one party from passing most major pieces of legislation without at least 60 votes, so if Republicans gain more seats, it gives their conference more strength in cobbling together a filibuster-proof vote.

There are also a few Trump critics within the Republican conference who may be willing to vote against his nominees for Cabinet positions. Outgoing Senate Republican Leader Mitch McConnell on Wednesday morning declined to go into whether he would support confirmation for potential Trump Cabinet picks like Elon Musk and Robert F. Kennedy Jr.

Democrat Nellie Pou won election to a U.S. House seat representing New Jersey on Wednesday. Pou won the seat vacated by longtime Rep. Bill Pascrell Jr., who died earlier this year. She defeated Republican Billy Prempeh and two others. Pou is a longtime state legislator, serving in the Assembly from 1997 to 2011, then the state Senate from 2011 until now. The Associated Press declared Pou the winner at 1:47 p.m. EST.

House Democratic leader Hakeem Jeffries says the “House remains very much in play” as Democrats hold out hope for avoiding a sweep in Tuesday’s election.

He says the path to the majority now runs through close pick-up opportunities in Arizona, Oregon, Iowa and California.

“The party that will hold the majority in the House of Representatives in January 2025 has yet to be determined. We must count every vote,” Jeffries said.

Democratic U.S. Sen. Tammy Baldwin won reelection to a third term representing Wisconsin on Wednesday. She defeated Republican millionaire businessman Eric Hovde, who was making his second run for Senate, having previously lost in the 2012 Republican primary. Baldwin argued that Hovde was disconnected from Wisconsin, given that he owns a multimillion-dollar estate in California. She also hammered Hovde over his prior opposition to abortion rights. Baldwin was first elected to the Senate in 2012. The Associated Press declared Baldwin the winner at 1:42 p.m. EST.

Republicans had a big night in South Texas, flipping predominately Hispanic counties along the U.S.-Mexico border that have been a backdrop of President-elect Donald Trump’s promises for tougher border measures.

Republican Rep. Monica De La Cruz won reelection and Democratic Rep. Henry Cuellar, who was indicted earlier this year, survived his most competitive race in a decades-long career. Democratic Rep. Vicente Gonzalez also won reelection by a narrow margin.

The GOP has targeted South Texas to make headway among Latino voters since Democratic support began to erode in previous elections. The border districts made an even bigger rightward swing toward Trump this election compared to 2020. Hidalgo and Cameron, the two most populous border counties, flipped entirely to Trump.

The trends represent weakening Democratic support in a region formerly considered a stronghold for the party. De La Cruz ran on border security and immigration enforcement to appeal to the district’s predominately Latino and working-class population.

WASHINGTON — Vice President Kamala Harris called President-elect Donald Trump on Wednesday to congratulate him on his election victory, a senior Harris aide said.

The person spoke on condition of anonymity to discuss the call.

The aide said Harris discussed the importance of a peaceful transfer of power with Trump ahead of her planned concession speech Wednesday afternoon.

— Associated Press writer Zeke Miller contributed to this report.

Democratic Rep. Matt Cartwright says he has congratulated his opponent, Republican Rob Bresnahan, and conceded in the race for a competitive, Pennsylvania battleground district, though The Associated Press has yet to call the race.

He thanked supporters in a statement sent out by his campaign, adding “congratulations to Rob on his win. I wish him the best as he steers northeastern Pennsylvania through the challenges ahead.”

Cartwright was seeking a seventh term in Congress. The district supported Trump in 2020’s presidential election, making it a prime pickup opportunity for Republicans. The district includes Scranton, the city where President Joe Biden was born and that played prominently in his campaigns.

For months, Florida’s Republican Gov. Ron DeSantis railed against ballot measures that would have amended the state’s constitution to legalize marijuana and protect the right to an abortion up to viability — usually considered sometime after 21 weeks. He said they were poorly worded, confusing and would be impossible to repeal if written into the state’s constitution.

But a majority of voters cast ballots in support of them. So why didn’t they pass?

Two decades ago, Republican Gov. Jeb Bush successfully lobbied to make it harder for voters to amend the constitution by requiring them to earn 60% support on ballot measures. Both measures garnered over 50% of the vote but fell shy of the required threshold.

The results indicate the issues are not cleanly partisan.

Trump won 56 percent of the vote, suggesting that his backers included voters who disagree with the GOP on abortion rights and those who support marijuana legalization.

Trump, perhaps the state’s most famous resident, also had a chance to weigh in. He said he voted against the measure expanding abortion rights. He did not say how he voted on the marijuana measure but has in the past said he supports legalization.

With Donald Trump’s victory in Michigan, he completes a sweep of the Great Lakes “Blue Wall” states that Kamala Harris had considered her smoothest path to victory.

Trump managed the same sweep of Wisconsin, Michigan and Pennsylvania in 2016, when he defeated Hillary Clinton. President Joe Biden outpaced Trump in those states in 2020.

Unlike Clinton’s campaign in 2016, Harris campaigned heavily across the region through September and October. The vice president spent all day Sunday in Michigan, but she was unable to match Biden’s level of support, most notably in Wayne County, where Detroit offers a trove of Democratic votes.

Trump was active in the region, as well, and he improved on his 2020 margins across the three key states.

Trump picked up another battleground state early Wednesday afternoon, winning Michigan to complete a sweep of the “Blue Wall” states in the Upper Midwest around the Great Lakes.

The race came down to the final results from Wayne County, where Harris wasn’t able to match Biden’s 2020 winning margin in the Democratic-dominated county that’s home to Detroit.

Former President Donald Trump won Michigan on Wednesday, reclaiming the battleground state and its 15 electoral votes for the Republicans after Joe Biden flipped it in 2020 on his way to the White House. Trump won Michigan in 2016 by just over 10,000 votes, marking the first time a Republican presidential candidate had secured the state in nearly three decades.

Trump’s Democratic opponent, Vice President Kamala Harris, faced concerns that discontent among Democrats in metro Detroit over the Biden administration’s handling of the Israel-Hamas war could jeopardize her campaign.

The Associated Press declared Trump the winner at 12:54 p.m. EST.

Donald Trump’s election victory was history-making in several respects, even as his defeat of Vice President Kamala Harris prevented other firsts. She would have been the nation’s first Black and South Asian woman to be president.

▶ Read more about how Trump’s election is historic

Democratic Rep. Vicente Gonzalez won reelection to a U.S. House seat representing Texas on Wednesday.

For the second election cycle in a row, he defeated Republican Mayra Flores, who had won a special election in 2022 to become Texas’ first Republican Latina in Congress. Later that year, the two incumbents faced off in the South Texas district after Gonzalez switched to run in the redrawn 34th Congressional District, which became more favorable to Democrats following the 2020 census. The Associated Press declared Gonzalez the winner at 1:11 p.m. EST.

Democrat Sara Jacobs won election to a U.S. House seat representing California on Wednesday.

Jacobs defeated Republican Bill Wells in the heavily Democratic 51st District in San Diego County. She serves on the House Armed Services Committee and the House Foreign Affairs Committee. Jacobs came to Congress in 2021. She calls climate change one of the biggest threats facing humanity. She is the granddaughter of Qualcomm founder Irwin M. Jacobs. The Associated Press declared Jacobs the winner at 12:55 p.m. EST.

But McConnell, who’s stepping aside from his role as the long serving GOP Senate leader, declined during a news conference at the Capitol to discuss his harsh criticisms of Trump as outlined in a new biography.

He also refused to answer questions about having Tesla CEO Elon Musk or Robert F. Kennedy Jr., a longtime critic of vaccines and pesticides used in U.S. agriculture, play a role in a new administration.

Republican Julie Fedorchak will be the first woman to represent North Dakota in the U.S. House. Her election leaves Mississippi as the only state never represented by a woman in the House, according to the Center for American Women and Politics.

Fedorchak is a longtime public utilities regulator. She’ll succeed three-term Republican Rep. Kelly Armstrong, who was elected governor of North Dakota. The state has one House seat.

Former Republican presidential candidate Nikki Haley, who became one of Trump’s more vocal challengers in the 2024 Republican primary before eventually endorsing him, said on her radio show Wednesday that he “defied gravity” with his win.

“He got through two assassination attempts. He got through two impeachments, he got through numerous indictments, and America still elected him because, at the end of the day, they knew what they were getting with Donald Trump. And that’s what they wanted to see,” she said.

Haley called it “a great moment for democracy.”

Voters in Amarillo, Texas, overwhelmingly rejected a sweeping anti-abortion proposal that would have essentially imposed a travel ban on those seeking abortions out of state by allowing civil lawsuits against anyone who assists them, even if it’s in another state.

Dubbed the “Sanctuary Cities for the Unborn” ordinance, the 18-page proposition was rejected by nearly 60% of voters.

Lindsay London, a local nurse who helped found a volunteer group opposing the effort, described the vote as a “defining win.”

“Amarillo is the first city in the nation to reject an abortion ban,” London said. “We hope to set the tone for not only the state but the nation, that we will not penalize anyone for seeking health care when they’re facing an extreme travel ban in their own state.”

The vote was the culmination of a yearlong effort by abortion opponents who tried unsuccessfully to get city leaders to approve the ordinance.

Prince Mohammed “expressed — may God protect him — the kingdom’s aspiration to strengthen the historical and strategic relations between the two countries, wishing the friendly American people progress and prosperity under his excellency’s leadership,” a statement from the foreign ministry read.

Trump made his first foreign trip as president to Saudi Arabia. He stood by the kingdom, even as ties became strained over the killing of Washington Post columnist Jamal Khashoggi by Saudi operatives in Istanbul.

“The conversation was warm and cordial,” Israeli Prime Minister Benjamin Netanyahu’s office said in a statement. “The Prime Minister congratulated Trump on his election victory, and the two agreed to work together for Israel’s security. The two also discussed the Iranian threat.”

Netanyahu’s office said he was among the first world leaders to call Trump after his victory.

Trump has vowed to bring peace to the Middle East at a time when Israel is at war with Hamas in Gaza, Hezbollah in Lebanon and has recently traded fire with Iran. The president-elect, who was a staunch supporter of Israel during his previous term, has not said how he will do it.

A contingent of U.S. voters signaled they want the government to be less involved in vaccinating children for diseases, according to AP VoteCast, an expansive survey of more than 120,000 voters nationwide.

In the final weeks of the campaign, President-elect Donald Trump had stepped up appearances with Robert F. Kennedy Jr., promising the vaccine skeptic free reign in his administration to investigate childhood diseases like obesity and autism. Kennedy has urged his followers to flout the U.S. government’s current vaccine recommendations for their children.

About 2 in 10 voters said they want less government involvement in childhood vaccinations. Of those voters, roughly 8 in 10 voted for Trump.

Vice President Kamala Harris will deliver a concession speech Wednesday at 4 p.m., her office announced.

Harris will speak at Howard University, her alma mater in Washington, where her supporters watched returns Tuesday night before being sent home after midnight as President-elect Donald Trump pulled ahead in battleground state results.

Republican Rep. John James won reelection to a U.S. House seat representing Michigan on Wednesday.

James fended off a challenge from Carl Malinga, a Democrat he's faced before in the suburbs north of Detroit. James is an Army veteran who became president of his family’s supply chain management firm before running for Congress. Voters in Michigan’s 10th Congressional District chose James over Marlinga by just 1,600 votes in 2022. The thin margin caught the attention and pocketbooks of national Democratic spenders who promised a competitive second round. The Associated Press declared James the winner at 12:21 p.m. EST.

Republican Rep. Derrick Van Orden won reelection to a U.S. House seat representing Wisconsin on Wednesday.

Van Orden was on the Capitol grounds during the Jan. 6, 2021, insurrection and is one of Donald Trump’s most vocal supporters. He defeated Democratic challenger Rebecca Cooke, a former Democratic fundraiser. Van Orden flipped the seat in 2022 after it had been held by Democrats since 1996. The Associated Press declared Van Orden the winner at 12:10 p.m. EST.

Outgoing Senate Republican Leader Mitch McConnell credited his party’s Senate election success to “candidate quality,” saying it was “absolutely essential.”

In past election cycles, Republican Senate candidates have emerged from the populist, right-wing of the party but many struggled to win statewide votes. This year, Senate Republican leaders made a concerted effort to recruit mainstream candidates who offered broad appeal.

There has been intense friction within the GOP between the camps largely headed by Donald Trump and McConnell. A recent biography revealed that the longtime Senate leader has privately excoriated Trump, especially for his efforts to overturn 2020 election results.

While McConnell credited Trump’s campaign operation for the victory, he also chalked up the election results to frustrations with the current Democratic administration.

“If you’re looking for a simple answer, I think it was a referendum on the current administration, in part. People were just not happy with this administration and the Democratic nominee was a part of it,” McConnell said.

Outgoing Senate Republican Leader Mitch McConnell called Wednesday a “happy day for the GOP” as he congratulated Donald Trump for his victory and credited it to “a sharper operation this time around.”

McConnell said he hopes Republicans’ majority in the Senate may still grow as races in battleground states are decided.

Senate Republicans will decide next week who the next majority leader will be.

Jen Easterly, director of the U.S. Cybersecurity and Infrastructure Security Agency, on Wednesday praised the work of state and local election officials and the hundreds of thousands who served as poll workers on Election Day.

“As we have said repeatedly, our election infrastructure has never been more secure and the election community never better prepared to deliver safe, secure, free, and fair elections for the American people,” Easterly said. “This is what we saw yesterday in the peaceful and secure exercise of democracy.”

For all of the heady talk of democracy and the peaceful transfer of power from one administration to the next, a presidential transition also involves things that are less conceptual — and more mundane.

That includes construction of all the temporary structures for the presidential inauguration.

In front of the White House, workers had fenced a section of Pennsylvania Avenue and Lafayette Park as they constructed the Presidential Inaugural Parade Reviewing Stands. The temporary pavilion is where Trump and his family will take in the parade as it winds in front of the White House on Jan. 20.

On the National Mall, work has also begun on the inauguration platform, from where Trump will be sworn into office and address the nation. Nearly four years ago, on Jan. 6, Trump supporters rushed the Capitol and used pieces of the half-built structure to attack police officers. Workers on the site had to flee.

This year, members of Congress from both sides of the aisle gathered in September to drive the first nails for the structures, symbolizing the unity they aspired to forge amidst a divisive presidential campaign.

“We invite you to join the Harris-Walz campaign for an event with Vice President Kamala Harris today at Howard University in Washington, D.C.,” read the text. “Doors will open at 1:00 PM.”

Harris was scheduled to speak at Howard on Tuesday night and the atmosphere at the event was jubilant as initial results rolled in. As the night dragged on and it became clear that Harris would not defeat Trump, her supporters grew dour.

Cedric Richmond, Harris’ campaign co-chair, then told the audience they “won’t hear from the vice president tonight.”

In Melania Trump’s hometown in Slovenia, locals are proud that one of their own will once again become the U.S. first lady.

Donald Trump’s victory in the U.S. presidential election has been followed closely in Sevnica, a town nestled in a valley by the Sava river where Melania Trump grew up under Communism as Melanija Knavs.

“We are very proud that Mrs. Melanija has become the first lady again, that she will perform her role with honor and dignity, just like in the previous mandate,” Sevnica mayor Srecko Cvirk said.

Sevnica previously — and proudly — advertised itself as Melania Trump’s hometown, so much so that a local party shop created a cake in her name eight years ago.

The “Melanija” is made of green nuts, caramel, almond cream and white chocolate mousse.

“It is white because of the White House,” said the shop’s manager, Franja Kranjc.

In a statement, former President George W. Bush said he and his wife, Laura, “join our fellow citizens in praying for the success of our new leaders at all levels of government.”

Some top former Republican officials, including Bush’s vice president, Dick Cheney, had endorsed Harris. But Bush remained neutral.

Bush also thanked “President Biden and Vice President Harris for their service to our country.”

“The strong turnout in this election is a sign of the health of our republic and the strength of our democratic institutions,” said Bush, who called the election a “free, fair, safe, and secure election.”

President Joe Biden and Vice President Kamala Harris received a record of over 80 million votes to win the White House in 2020. They beat Donald Trump and Mike Pence, who received over 74 million votes.

This year so far, the Democratic ticket has received only 66 million.

Meanwhile. Trump and Vance have received over 71 million votes as of Wednesday morning.

In 2020, Biden and Harris won the majority of the Electoral College with 306 votes, the identical margin Trump won back in 2016. This year, Trump clinched the nomination with 277 electoral votes, with 37 votes still up for grabs.

Republican Rep. Kevin Kiley won reelection to a U.S. House seat representing California on Wednesday, defeating Democrat Jessica Morse.

Kiley, a first-term congressman, had captured the seat in 2022 by arguing that California was in turmoil under Democratic rule in Washington and Sacramento. The 3rd Congressional District stretches across much of the state’s eastern border and includes Sacramento’s northeastern suburbs. Former President Trump narrowly carried the district in the 2020 presidential election. The Associated Press declared Kiley the winner at 10:48 a.m. EST.

Tester also thanked his supporters and said he’d go back to working on his farm.

“Look, I’m very, very blessed,” he said. “I’ve had a great 18 years in the United States Senate. I’ve met some incredible people along the way and had the opportunity to do some great things to help move this state forward, move the country forward.”

Wisconsin’s hotly contested race for U.S. Senate between Democratic Sen. Tammy Baldwin and Republican Eric Hovde, who was backed by President-elect Donald Trump, remained close Wednesday morning.

Baldwin had a lead of 0.9% based on unofficial results, which is just within the 1% margin that would allow for Hovde to request a recount if he pays for it.

Morocco’s King Mohammed VI on Wednesday expressed “sincere congratulations” and “best wishes” to President-elect Donald Trump, referencing the latter’s 2020 decision to back Morocco’s stance in the disputed Western Sahara.

“Mr. Trump’s resounding success in these elections is a tribute to his patriotism and rewards his commitment to upholding the best interests of the United States,” the king wrote in a letter published by the state press agency, MAP.

The 61-year-old monarch said Moroccans were grateful for Trump’s move to shift the United States’ longstanding position in the Western Sahara, a disputed territory that Morocco considers its southern provinces and the United Nations considers “non-self-governing.”

He added that Morocco — which normalized relations with Israel as part of the 2020 Abraham Accords — was committed to allying with the United States to address “increasingly complex regional and global challenges.”

Morocco hopes Trump follows through on the State Department’s yet-to-be-fulfilled 2020 commitment to build a consulate in the disputed territory.

Investors are betting on what Trump’s return to the White House will mean for the economy and the world.

The Dow jumped 1,200 points, or 2.8% early Wednesday and major stocks including Elon Musk’s Tesla and bitcoin soared.

Trump Media & Technology Group, the company behind the Truth Social platform, also surged.

Pennsylvania’s U.S. Senate race between three-term Democratic Sen. Bob Casey and Republican challenger David McCormick could help Republicans pad their newfound majority in the chamber in a battleground state contest that remained uncalled by The Associated Press on Wednesday.

McCormick led vote counting Wednesday morning by about 50,000 votes, or less than 1%, but a significant number of votes remained uncounted. In a statement Wednesday, Casey’s campaign said, “There are more votes that need to be counted in areas like Philadelphia and it’s important that every legal ballot will be counted. When that happens we are confident the senator will be reelected.”

It’s the first time Casey has shared the same ballot as Donald Trump, who won Pennsylvania for a second time in 2024 after winning it in 2016.

Casey, the son of a former two-term governor, is a stalwart of the state’s Democratic Party, having won six statewide elections going back to 1996.

McCormick is making his second run for the Senate after losing narrowly in 2022’s Republican primary. He left his job as CEO of the world’s largest hedge fund to run.

Three-term Democratic Rep. Susan Wild has conceded in in her race against Republican Ryan Mackenzie in a hotly contested Pennsylvania congressional district, though The Associated Press still hasn’t called the race.

Republicans had targeted the seat as a possible flip that would boost their prospects for keeping the House majority.

“I congratulate my opponent on winning this seat, and I am going to do everything to ensure a smooth transition, because the people of this district deserve nothing less,” Wild said in her statement.

Dozens of European leaders will be assessing a new global outlook during a one-day summit in Hungary’s capital on Thursday, with the knowledge that the election of Donald Trump as the next U.S. president could have far-reaching consequences for the continent.

Despite myriad economic problems and two wars in the neighborhood, all eyes will be glued on Washington to see whether Trump’s return will cause political strife throughout the continent, much like his first presidency did.

▶ Read more about how trans-Atlantic economic relations might change

Donald Trump has promised sweeping action in a second administration.

The former president and now president-elect often skipped over details but through more than a year of policy pronouncements and written statements outlined a wide-ranging agenda that blends traditional conservative approaches to taxes, regulation and cultural issues with a more populist bent on trade and a shift in America’s international role.

Trump’s agenda also would scale back federal government efforts on civil rights and expand presidential powers.

▶ Read more about Trump’s proposed policies

Republican presidential nominee former President Donald Trump points to the crowd at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

Republican presidential nominee former President Donald Trump points to the crowd at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

Democratic presidential nominee Vice President Kamala Harris, left, speaks with Ike Irby, senior advisor to the vice president, and Kirsten Allen, communications director to the vice president, shortly before taking the stage for Harris' final campaign rally, Monday, Nov. 4, 2024, in Philadelphia. (AP Photo/Jacquelyn Martin)

Democratic presidential nominee Vice President Kamala Harris, left, speaks with Ike Irby, senior advisor to the vice president, and Kirsten Allen, communications director to the vice president, shortly before taking the stage for Harris' final campaign rally, Monday, Nov. 4, 2024, in Philadelphia. (AP Photo/Jacquelyn Martin)

Republican presidential nominee former President Donald Trump is pictured at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon)

Republican presidential nominee former President Donald Trump is pictured at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon)

FILE - Lights shine inside the U.S. Capitol Building as night falls on Jan. 21, 2018, in Washington. (AP Photo/J. David Ake, File)

FILE - Lights shine inside the U.S. Capitol Building as night falls on Jan. 21, 2018, in Washington. (AP Photo/J. David Ake, File)

Democratic presidential nominee Vice President Kamala Harris speaks during a campaign rally outside the Philadelphia Museum of Art, Monday, Nov. 4, 2024, in Philadelphia. (AP Photo/Jacquelyn Martin)

Democratic presidential nominee Vice President Kamala Harris speaks during a campaign rally outside the Philadelphia Museum of Art, Monday, Nov. 4, 2024, in Philadelphia. (AP Photo/Jacquelyn Martin)

Republican presidential nominee former President Donald Trump waves as he departs a campaign rally at Van Andel Arena, Tuesday, Nov. 5, 2024, in Grand Rapids, Mich. (AP Photo/Paul Sancya)

Republican presidential nominee former President Donald Trump waves as he departs a campaign rally at Van Andel Arena, Tuesday, Nov. 5, 2024, in Grand Rapids, Mich. (AP Photo/Paul Sancya)

John Farnsworth sets up voting machines at the Hynes Charter School in New Orleans on Election Day, Tuesday, Nov. 5, 2024. (AP Photo/Gerald Herbert)

John Farnsworth sets up voting machines at the Hynes Charter School in New Orleans on Election Day, Tuesday, Nov. 5, 2024. (AP Photo/Gerald Herbert)

The Latest: Trump wins North Carolina and Georgia, GOP reclaims Senate majority

The Latest: Trump wins North Carolina and Georgia, GOP reclaims Senate majority

People arrive at polling place to vote, Tuesday, Nov. 5, 2024, in Springfield, Pa. (AP Photo/Matt Slocum)

People arrive at polling place to vote, Tuesday, Nov. 5, 2024, in Springfield, Pa. (AP Photo/Matt Slocum)

The Latest: Trump wins North Carolina and Georgia, GOP reclaims Senate majority

The Latest: Trump wins North Carolina and Georgia, GOP reclaims Senate majority

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