Tesla stock is falling in the wake of Tuesday’s Republican victories.

Since their Election Day close, the electric carmaker’s shares had fallen as much as 7.5 percent by Thursday morning. They were trading just shy of $195 on Tuesday, but opened just below $187 on Wednesday morning.

Tesla shares ended the regular session on Thursday down about 2.5 percent.

Tesla CEO Elon Musk told CNBC last Friday he did not expect the outcome of the election to affect Tesla’s business much; analysts aren’t yet sure how the election results will impact the company.

In a research note sent Wednesday, Oppenheimer analyst Colin Rusch and his colleagues said they “would not be surprised to see a Trump administration attempt to block federal support for for [electric vehicle] buyers, but could provide support for companies such as TSLA that are creating U.S. manufacturing jobs.”

Tesla is also trying to acquire a solar power company, and that industry could face new political headwinds in the years ahead.

Rusch, who didn’t mention SolarCity by name in his note, said “residential solar plays will see lower volumes on more challenging regulations/slower demand due to extended coal facility lifetimes.”

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