Telsa stocks soared while Chinese equities tanked on Wednesday as former President Donald Trump’s election victory sent shockwaves through the EV industry.

Wall Street analysts speculated to CNBC that the Big Three – General Motors, Ford, and Stellantis – will likely be the biggest winners in a Trump presidency that begins on Jan. 20, along with Tesla.

Trump has promised an end to the Biden-Harris EV mandate is a top priority, and vowed to preserve choice for American consumers, who largely oppose the government-imposed, taxpayer-funded shift to EVs that’s already costing jobs in Michigan.

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Experts predict Trump could end government subsidies for EVs, and increase tariffs on Chinese imports, both of which were reflected in the market on Wednesday.

“Leading drops among Chinese EV equities, Nio sank 7% in premarket U.S. trading, XPeng plummeted 7%, and Li Auto lost 7%,” GuruFocus reports. “Kandi Technologies declined 1%; Zeekr Intelligent Technology dropped 7%.”

Start up EV companies like Lucid and Rivian, which are highly reliant on federal tax credits, were also down 8% and 10%, respectively, CNBC reports.

“We see (Ford) and GM as the main beneficiaries from the Trump administration,” Bank of America Securities Analyst John Murphy said Wednesday. “The current environmental regime would pressure the core business of legacy [automakers, trucks,] to decarbonize by the end of the decade while shifting quickly to an EV portfolio.”

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Both companies, which have scaled back ambitious EV plans over the last year, were up on Wednesday, with Ford stocks gaining nearly 6%, and GM 3%.

Industry experts predict Toyota could also be a winner under Trump as the Japanese automaker has not invested heavily in EVs, and instead has focused on hybrid models.

Tesla is also expected to avoid any significant challenges, as CEO Elon Musk campaigned heavily for Trump, who has mused about installing the world’s richest man as a government efficiency czar.

As of Wednesday afternoon, Tesla stock was up nearly 15%.

“Let me tell you, we have a new star. A star is born—Elon,” Trump said when he declared victory on Wednesday.  “[Musk is] a character, he’s a special guy, he’s a super genius. We have to protect our geniuses—we don’t have that many of them.”

Another big loser will likely be Gotion, Inc., which is working to construct an EV battery component plant near Big Rapids with the help of $715 million in taxpayer subsidies negotiated in secret by Gov. Gretchen Whitmer’s administration.

The deal involves one of two factories Gotion plans to construct in the U.S. – the other in Illinois – that are expected to receive federal funding through the Biden-Harris administration’s Inflation Reduction Act.

Republican congressmen Darien LaHood, Ill., and John Moolenaar, Mich., have led the opposition to Gotion over the company’s close ties to the Chinese Communist Party and implications for national security, most recently introducing legislation in November to block Gotion from receiving federal tax credits.

“A few weeks ago, the Chinese Electric Vehicle battery company Michigan Democrats support, Gotion, claimed that I support its EV battery plant for Northern Michigan. That is not true,” Trump posted to Truth Social in August. “The Gotion plant would be very bad for the State and our Country. It would put Michiganders under the thumb of the Chinese Communist Party in Beijing.

“I am 100% OPPOSED!” he wrote. “As your President, I will make America’s Auto Industry bigger and stronger than it has ever been before, PROTECT American Workers, and TERMINATE the Green New Deal Scam.”