08:18 AM EST, 11/15/2024 (MT Newswires) -- Tesla (TSLA) should perform well despite President-elect Donald Trump's plan to discontinue the $7,500 consumer tax credit for electric vehicles, Wedbush said in a note to investors.

Removing the incentive would particularly hurt General Motors ( GM ) , Ford (F), Stellantis ( STLA ) and Rivian (RIVN), but Tesla's "unmatched" scale and scope would allow it to use the lack of a tax credit to outmatch Detroit competitors, Wedbush said.

Other incentives and programs could still support US-built EVs, Wedbush said, adding that Tesla Chief Executive Elon Musk will "have a big seat at the table as these EV discussions happen within the Trump transition team."

Wedbush maintained its outperform rating and $400 share price target on Tesla stock.