10:45 AM EDT, 07/11/2024 (MT Newswires) -- Tesla (TSLA) would potentially benefit from a new Trump presidency even if that would be an overall negative for the electric vehicle industry, Wedbush said Thursday in a note to clients.

A Trump presidency could be negative for the EV sector as a whole as rebates and tax incentives would likely go away, but Tesla would still benefit because it has a "scale and scope that is unmatched in the EV industry," said Wedbush analysts including Dan Ives.

"This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the US market over the coming years," the note said.

Meanwhile, Tesla's Robotaxi Day on Aug. 8 might be a near-term catalyst, Wedbush said.

The event "should unleash the next part of the Tesla autonomous story with all the Street watching this sum of the parts valuation (storage, FSD, software, auto, etc) now set to play out over the coming years," the analysts said.

Wedbush kept its outperform rating and $300 price target on Tesla.

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