Updated at 5:35 PM EST

Tesla shares closed at a fresh all-time high Wednesday following a series of solid China EV sales and a big price-target upgrade from a top Wall Street analyst.

Tesla  (TSLA)  shares have surged nearly 75% since Election Day and more than 95% since the EV group unveiled its robotaxi, dubbed the Cybercab, at a gala event in Los Angeles in early October.

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Investors are betting that CEO Elon Musk’s close relationship with President-elect Donald Trump, as well as his role in suggesting cuts to the federal government’s $6.8 trillion budget, will give the group an edge in regulation and, possibly, cover from U.S. tariffs.