Tesla (TSLA, Financials) shares rose 15.1% to $289.34 in premarket trading on Wednesday after Donald Trump secured the U.S. presidency, positioning the electric vehicle manufacturer as a potential beneficiary under the new administration.

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With 277 electoral votes, Trump secured the presidency above the 270 needed to challenge Vice President Kamala Harris. Referring to Elon Musk, Tesla's CEO, as "a new star" in American industry, Trump said in his victory speech aspirations to unite the nation.

Prominent Trump supporter Musk allegedly made more than $130 million in political donations. Musk responded on X following Trump's victory: "The people of America gave Trump a crystal clear mandate for change. The future is gonna be fantastic.

Analysts say Tesla would gain from Trump's pro-business posture including possible tax laws beneficial to the automotive sector and possible regulation. Using the government's emphasis on lowering regulatory obstacles, Wedbush Securities analyst Dan Ives pointed out that a Trump presidency may be a "potential positive" for Tesla.

Investors are also thinking through Musk's tight ties to the next government. Aiming at thorough audits of federal agencies, Trump has suggested the establishment of a "Department of Government Efficiency" headed by Musk.

Market watchers will track how the policies of the incoming government might affect Tesla and the larger electric vehicle industry as the change unfolds.

This article first appeared on GuruFocus.