Shares of electric vehicle-maker Tesla surged on Wednesday as stocks rose broadly after President-elect Trump prevailed in the presidential election.

Tesla's stock soared as much as 14% after the market opened and pared back some of those gains to 11.5% as of mid-morning.

Tesla CEO Elon Musk endorsed Trump's bid to return to the White House and was a prominent financial backer of his campaign.

Trump has been critical of incentives and subsidies for EVs, but has commended Musk's work with Tesla and praised him as a "super genius" during his victory speech early Wednesday morning.

Wall Street anticipates the incoming Trump administration will cut taxes and pursue a deregulatory agenda similar to the former president's first term in office.

This is a developing story. Please check back for updates.