11:30 AM EST, 11/06/2024 (MT Newswires) -- Shares of Tesla (TSLA) were rallying intraday Wednesday as Donald Trump's victory in the US presidential election fueled bets that the electric vehicle maker stands to benefit from Trump's return to the White House.

The stock was up about 13% in Wednesday trade.

Trump won over Kamala Harris, vice president and the Democratic nominee in Tuesday's vote, as Republicans also took a Senate majority. Votes for the House were still being counted through Wednesday morning.

Tesla Chief Executive Elon Musk, a key campaigner for Trump, posted a picture on social media platform X of a rocket with an accompanying caption that "the future is gonna be fantastic." In September, Trump said he would establish a government efficiency commission and appoint Musk as its head.

Oppenheimer said Wednesday that the EV maker's stock will be a top pick in the event of a Republican sweep.

Tesla's stock had been little changed year to date through election day, opening the year a little under $250 and closing at $251.44 on Tuesday.

"We believe a Trump presidency would be an overall negative for the EV industry" as EV rebates and tax incentives get pulled, Wedbush Securities said in a Sunday note. "However, for Tesla we see this as a potential positive with some caveats."

Oppenheimer said Wednesday that Republic Services ( RSG ) and Caterpillar ( CAT ) would also be its top picks, in addition to Tesla, in the event of a Republican sweep "on likelihood of narrowing government support for EVs, benefits from lower corporate taxes and reshoring."

Oppenheimer expects manufacturing tax credits for companies like Tesla to remain "largely intact" for projects where the investment amount has been spent. However, the brokerage predicted a roll back of support for EV tax credits on projects without committed capital.

Price: 284.64, Change: +33.20, Percent Change: +13.20