The election of Donald Trump has stoked optimism on Wall Street, where his business-friendly agenda is expected to juice economic growth and loosen regulations. Electric vehicle makers, however, face a hazier outlook than most other businesses.

Although Trump has promised to “end the electric vehicle mandate on day one” of his presidency, his close relationship with Tesla CEO Elon Musk could affect how the next administration treats EVs. In fact, Trump has explicitly said he “has to be” in favor of electric cars because “Elon endorsed me very strongly.”

It took only a few months for sales of the Prologue to pass most of the electron-powered cars in the US as loyal Honda owners go electric.

Analysts at Deutsche Bank set out to explain how exactly they see Tesla benefiting from a Trump administration, given the close association of Chief Executive Elon Musk and Trump, Vice President-elect J.