Rule changes announced by the Trump administration last week could allow automakers to report fewer crashes involving self-driving cars, with Tesla potentially emerging as the main beneficiary.

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.

Transportation Secretary Sean Duffy said the U.S. is in a race against China and U.S. automakers need less red tape.

The stock got a fresh boost on Friday as the US Department of Transportation announced looser rules for self-driving cars.

Elon Musk told Tesla shareholders that he was ready to shift his focus away from the Trump-ordained "Department of Government Efficiency," otherwise known as DOGE, and return to his other business investments.

During a call with investors on Tuesday, Musk said he plans to scale back his work at DOGE to a day or two starting in May in an effort to focus on Tesla after its net income dropped. Tesla’s revenue fell 9%,