NEW YORK — Tesla shares rose Wednesday on the back of an election that will send Donald Trump back to the White House, an outcome that was strongly supported by CEO Elon Musk in the final months of the race.

Tesla stands to gain significantly under the Trump administration due to its size, with the expectation that subsidies for alternative energy and electric vehicles will be threatened.

While this would be an overall negative for the industry, it could give Tesla an advantage due to market share. Shares of rival electric vehicles fell sharply on Wednesday.

Tesla shares rose 14% at the opening bell.

Trump has proposed tariffs of 10 percent to 20 percent on foreign goods, which would also impact electric vehicle manufacturers outside the U.S., particularly in China.

“Tesla has unparalleled scale and scale,” Wedbush analyst Dan Ives said in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a subsidized non-EV environment coupled with likely higher tariffs for China. that would continue to drive Chinese players away from cheaper EVs.”

Shares in rival electric vehicle maker Rivian fell 8 percent and Lucid Group fell 4 percent. China’s NIO fell 5.3%.