Shares of Tesla (TSLA) hit a new all-time high on Wednesday as the electric vehicle maker continues its unstoppable upward trend since President-elect Donald Trump’s victory.

Tesla shares have risen a staggering 65% since Trump’s election victory last month. CEO Elon Musk’s big bet on a Trump victory and the resulting influence he is expected to have on the new administration has investors optimistic about Tesla’s prospects.

Tesla shares hit $420.13, a new intraday record high, surpassing the previous mark of $414.50. Tesla is also expected to close above its all-time high of $409.97. (Real-time results can be found in the table below.)

Aside from the Trump victory and the fact that Musk’s big bet is paying off with an expected role in the new administration, there are other reasons for Tesla’s rise to new highs.

Late Tuesday evening, Tesla’s China division said it sold 21,900 electric vehicles on the mainland in the first week of December, its highest weekly sales in the fourth quarter so far. The revelation came after Tesla announced that November was its best month of the year with 73,000 units sold, Reuters reported. Tesla’s big month and early December were marked by incentives such as interest-free loans for five years and 10,000 yuan (about $1,400) on new Model Y loans.

Many analysts believe a more open government will make it easier for Tesla to get approval for its full self-driving (FSD) software and robotaxi service at the federal level, even though state and local governments call the shots.

Analysts including Edison Yu and Deutsche Bank, BofA’s John Murphy and Morgan Stanley’s Adam Jonas have increased their price targets on the stock in recent days.

“We are increasing our price target from $295 to $370, particularly placing greater value on Tesla’s autonomy efforts,” Yu wrote in a note to clients yesterday, adding: “Given our belief that the “As the new U.S. administration can streamline federal regulations surrounding the use of robotaxi, we are increasing our robotaxi forecasts.”

Yu also said Tesla’s so-called “Model Q” low-cost electric car is on track to hit the market next year.

Morgan Stanley’s Adam Jonas reiterated his assessment of Tesla’s “top pick” and increased his price target to $400 from $310.

“From our ongoing conversations with customers, we are hearing enthusiasm for everything related to AI, data centers, renewable energy, robotics and onshoring,” Jonas wrote, noting that Musk’s emergence on the political stage could expand Tesla’s reach beyond cars.

Pras Subramanian is a reporter for Yahoo Finance. You can keep following him X and further Instagram.

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