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Investing.com -- Tesla (NASDAQ:TSLA) stock rose 1% Wednesday following reports that the Trump administration is planning to accelerate development of the robotics industry, potentially benefiting companies in the automation sector.
According to a Politico report, Commerce Secretary Howard Lutnick has been meeting with robotics industry CEOs and is "all in" on accelerating the sector’s growth. The administration is considering issuing an executive order on robotics next year, sources familiar with the discussions told Politico.
Other robotics-related stocks saw even stronger gains, with Serve Robotics (NASDAQ:SERV) jumping 8%, Richtech Robotics (NASDAQ:RR) surging 11%, and Teradyne (NASDAQ:TER) rising 1%.
The Commerce Department confirmed its commitment to the sector, stating: "We are committed to robotics and advanced manufacturing because they are central to bringing critical production back to the United States."
This robotics initiative follows the administration’s artificial intelligence acceleration plan released five months ago. The Department of Transportation is reportedly preparing to announce a robotics working group, possibly before year-end.
The push has also gained traction in Congress, where Republicans attempted to include an amendment in the National Defense Authorization Act that would have created a national robotics commission. While that amendment wasn’t included in the final bill, other legislative efforts are reportedly underway.