Wedbush analysts say Trump's election as US president will have a negative impact on the electric vehicle market as a whole, as the US federal government may eliminate electric vehicle tax rebates and tax incentives. They point out that Elon Musk's support for Trump is betting on the fact that an environment without electric vehicle subsidies would give Tesla a clear competitive advantage, given its unparalleled size and scope in the industry. "If Harris wins, we expect the electric vehicle tax credit to remain unchanged and eventually increase in 2025, as the goal of getting more American consumers to buy electric vehicles will be a focus of the Harris administration," the analysts wrote.