Shares of Tesla (NASDAQ: TSLA) are surging on Thursday. The electric-vehicle (EV) maker's stock gained 5.2% as of 11:40 a.m. ET and was up as much as 7.3% earlier in the day. The jump comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) showed modest gains.

Tesla stock rose as much as 7% Thursday morning in an otherwise difficult days for traditional automakers, following President Donald Trump's newly announced auto tariffs. Meanwhile, General Motors was the biggest decliner in the S&P 500,