Shares of Tesla rose in early trading as investors bet that a potential Donald Trump election victory would benefit big-name financier and automaker CEO Elon Musk.

Tesla shares rose 12% in premarket trading. According to NBC News’ count, the former president had gained a significant lead over Vice President Kamala Harris in Electoral College votes.

Last month, Musk donated nearly $75 million to America PAC, the super political action committee he founded earlier this year to support the Republican candidate.

Trump has promised to appoint Musk to head a government efficiency commission if elected. Speaking at Trump’s rally at Madison Square Garden in late October, the SpaceX owner said he could cut $2 trillion from the federal budget in that role.

“Your money is being wasted, and the government’s Department of Efficiency is going to fix that,” he said at the meeting. “We’re going to get the government off of you and out of your pockets.”

As of Tuesday’s close, the stock has significantly underperformed the broader market this year, with shares up about 1.2% compared to the S&P 500’s year-to-date gain of 21.2%.

During Tuesday’s regular session, Tesla advanced 3.5%, breaking a six-day losing streak.

The move comes even as Trump is seen as unfriendly to clean energy stocks — a group that could include EV makers like Tesla.

“We believe that a Trump presidency would be an overall negative for the EV industry as EV rebates/tax incentives are likely to be eliminated, but for Tesla we see this as a huge positive,” wrote Dan Ives, managing director from Wedbush Securities, in a note to clients.

“Tesla has the scale and scope unparalleled in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled with likely higher Chinese tariffs that would continue to drive out cheaper Chinese EV players . (BYD, Nioetc.) so as not to flood the US market in the coming years,” he continued.