Tesla shares look set to open at the highest levels in more than a year Wednesday following what appears to be a decisive victory for former President Donald Trump in the 2024 elections.

Elon Musk has been a vocal and high-profile supporter of the former President's campaign, raising millions of dollars through his America PAC and appearing at key campaign rallies throughout the autumn months.

The Tesla  (TSLA)  CEO could now be in-line for key role in the Trump administration, possibly heading what some have called a 'government efficiency commission' aimed at loping hundreds of billions of spending from the Federal budget.

Trump also spoke in glowing tones during an address to his supporters in Palm Beach late Tuesday, calling him a "new star" in the Republican party and a "super genius" that needs to be protected. He also praised Musk's effort on the campaign trail and his willingness to deploy the Starlink satellite internet service in North Carolina following Hurricane Helene.

“He’s a character, he’s a special guy, he’s a super genius,” Trump said. “We have to protect our geniuses, we don’t have that many of them.”

A Trump administration is also likely to revamp the broader electric vehicle landscape by imposing stricter tariffs on cars made overseas and removing some of the tax credits and rebates that has unpinned the profit potential for new market entrants such as Ford Motor F and General Motors GM.

Tesla, however, with its large and established manufacturing facilities in the United States, could provide the group with an edge over its domestic rivals, argues Wedbush analyst Dan Ives.

'Unmatched scale'

"Tesla has the scale and scope that is unmatched in the EV industry and 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 from flooding the US market over the coming years," he said.

Ives also sees a new Trump administration as potentially fast-tracking some of the self-driving initiatives that Tesla is relying on to power its near-term growth should Republicans regain control of the House of Representatives.

"The autonomous fast tracking will be front and center for investors in this scenario as some of the 2026/2027 goals for Tesla could be accelerated to stay on track with the China timeline for autonomous currently underway," he said.

Related: Analysts overhaul Tesla stock price target after earnings blowout

Musk told investors last month that he thinks the company will solve its current FSD challenges by the end of next year, something he has said will be the key determinant for Tesla ultimate stock price.