Shares of Tesla (TSLA) rose as much as 14% in premarket trading on Wednesday as investors bet that the electric vehicle (EV) maker run by Elon Musk would be the biggest beneficiary of Donald Trump’s return to the presidency.

Tesla CEO Musk, an outspoken Trump supporter, is expected to be a leading adviser to the president. The billionaire constantly posted messages on social media network X to support the president ahead of the vote.

Tesla’s Fortunes Likely Mixed Under Trump Presidency

But Tesla’s prospects under Trump’s presidency are less clear.

Trump is not a supporter of clean energy, but Tesla is benefited from the Inflation Reduction Act of 2022It was signed by President Joe Biden. Tesla also gained from 100% tariffs imposed by Biden on Chinese EVs, protecting the EV maker from car attacks from the Asian country; This is an important market for the company.

Wedbush analyst Dan Ives has an “outperform” rating on the electric vehicle maker’s shares. sunday said It is stated that the possibility of a trade war with China may put pressure on the company. But Ives noted that Trump’s presidency could create a more welcoming environment for the company’s autonomy initiatives.

EV Rivals Fall, GM, Ford Rise

Meanwhile, pure EV manufacturers were losing steam while more traditional automakers were rising.

Shares in EV maker Rivian Automotive (RIVN) and Polestar (PSNY) falls by about 3%.

Backwards. General Engines (GM) and Ford Motor Company (F) stocks are both gaining at least 2%. Both are major employers in the United States and could gain from increased tariffs on China. However, the duo also produces cars for export from the Asian country.