(Updates)

** Tesla shares surge 12.5% to $282.94 after Donald Trump elected U.S. president

** TSLA CEO, billionaire Elon Musk, has been an outspoken Trump supporter this year and has endorsed the former president throughout the electoral campaign

** Trump has said that he would make Musk head of a government efficiency commission if elected

** Shares of Lucid down 2.7% while Rivian fell 7.6%

** Polestar Automotive down 5.9% while Nikola

was down 5.2%, VinFast down 2.8%

** Trump had said earlier that he would consider ending a $7,500 tax credit for electric-vehicle purchases if elected

** "EV tax incentives will also likely to be trimmed. This would be negative for the EV industry, but should give Tesla a clear competitive advantage because of its scale and vertical integration, giving it a cost advantage vs. legacy OEMs," Mamta Valechha, consumer discreationary analyst at Quilter Cheviot

** Up to Tuesday's close, TSLA up 1% YTD

(Reporting by Aishwarya Venugopal and Harshita Mary Varghese in Bengaluru)

((Aishwarya.Venugopal@thomsonreuters.com))