NEW YORK — Tesla shares rose Wednesday following the election that will send Donald Trump back to the White House; this result was strongly supported by CEO Elon Musk in the closing months of the race.

Tesla looks set to make significant gains under the Trump administration due to its size, with expectations that subsidies for alternative energy and electric vehicles will be threatened.

Although this situation is generally negative for the industry, it may provide an advantage to Tesla due to its market share. Shares of rival electric vehicles fell sharply on Wednesday.

Tesla shares rose 14% at the opening bell.

Trump has proposed imposing 10 percent to 20 percent tariffs on foreign goods; This will also affect electric vehicle manufacturers outside the US, especially in China.

“Tesla has unparalleled scale and scope,” Wedbush analyst Dan Ives said in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in the non-EV subsidy environment, possibly including higher Chinese tariffs.” can also be added.” “This will continue to alienate cheaper Chinese EV players.”

Shares of rival EV maker Rivian fell 8%, while Lucid Group fell 4%. China-based NIO lost 5.3% of its value.