Shares of three charging companies are down an average of about 40% since the election, while the electric-vehicle maker’s stock has surged 68%.

Tesla Inc.’s stock shed early gains Tuesday that came on expectations that Chief Executive Elon Musk’s close relationship with the new administration will help the electric-vehicle maker, with sentiment further buoyed by a bullish note from Piper Sandler.

Piper Sandler analyst Alexander Potter on Monday raised his price target on Tesla stock to $500 from $315, citing his belief that Tesla will shift away from launching new EVs and instead focus on "popularizing" its autonomous driving software called Full Self-Driving (FSD).

Shares of Tesla Inc. slumped Tuesday alongside other electric-vehicle makers, while space company stocks saw big gains, after President Donald Trump announced a series of policies that could have wide-ranging impacts on markets.

The Detroit automakers’ shares are rising Tuesday while their fully-electric rivals saw their stocks fall as President Donald Trump began tearing into his predecessor’s pro-EV moves.