Tesla stock was up in early trading Wednesday, ahead of the Thanksgiving holiday.Shares of the electric-vehicle maker edged up 0.1% at $338.42 in early trading, while the S&P 500 was down 0.1% and the Dow Jones Industrial Average was up 0.

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.

Elon Musk's good standing with Donald Trump may be good news for Tesla, but not necessarily for EV makers in general.

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.