While long-term investors appear to see substantial upside for Tesla from a Trump presidency, we’d be much more circumspect about Tesla stock at current levels.

Yes, Tesla CEO Elon Musk spent considerable effort (and money) helping to elect Trump, becoming a sort of direct advisor to the president elect in the process. That might buy him some influence in a second Trump administration (and seemingly already has) but it's Trump's proposals for the regulatory environment surrounding vehicles and AI — most of which were registered before Musk's campaign involvement — that stand to help his new buddy Elon's car company.

Coming into Wednesday trading, Tesla stock was up about 35% since the Nov. 5 presidential election and up about 36% year to date.

Tesla's electric vehicles likely would not qualify for California's new state tax credits under a proposal in the works if President-elect Donald Trump scraps the federal tax credit for EV purchases,

Gov. Gavin Newsom is gearing up for a fight against the incoming Trump administration on electric vehicles. Tesla is on the frontlines.