Nov 18 (Reuters) - Tesla (TSLA.O), opens new tab shares rose more than 5% on Monday after Bloomberg News reported that President-elect Donald Trump's transition team was planning to set up federal regulations for autonomous vehicles.

The report comes days after Trump named the automaker's CEO, Elon Musk, as a co-head of the incoming administration's government efficiency department. Trump's team is looking for policy leaders for the transport department to develop a federal regulatory framework, the report said, citing people familiar with the matter.

Last month, Musk criticized the state-by-state approval process, required for self-driving vehicles, as "incredibly painful", weeks after unveiling a two-seat "Cybercab" robotaxi without a steering wheel and foot pedals, set to go into production in 2026.