Shares of Tesla jumped 7.2% Monday following a report that President-elect Donald Trump is considering speeding up the regulatory process on autonomous vehicles.

Trump’s transition team aims to make a federal framework for fully autonomous vehicles a top Department of Transportation priority, according to sources familiar with the matter. told Bloomberg.

The streamlined regulatory system would greatly benefit Tesla founder Elon Musk by helping Tesla deliver on its long-standing promise to launch a fleet of fully autonomous cars.

“Musk’s significant influence in the Trump White House is already having a major influence and, ultimately, the golden path for Tesla around Cybercabs and autonomous (vehicles) is now within reach,” wrote Dan Ives, Wedbush analyst, in a note.

“We estimate that AI and autonomous opportunities alone are worth $1 trillion to Tesla,” he wrote.

NHTSA currently allows manufacturers to deploy 2,500 autonomous vehicles per year, and legislative attempts to increase that limit to 100,000 have failed.

Current federal rules also hamper automakers’ efforts to deploy large quantities of autonomous vehicles without steering wheels or pedals, according to Bloomberg.

During Tesla’s third-quarter earnings conference call, the billionaire CEO said he would use any potential government position to advocate for a federal regulatory framework.

The president-elect’s transition team and the National Highway Traffic Safety Administration did not immediately respond to a request for comment.

Musk, the world’s richest person with a net worth of $303.7 billion according to Forbes, openly pushed for Trump’s victory this year.

He created a Pro-Trump PAC and donated more than $100 million to the cause, rallied on behalf of the president-elect in key states, and encouraged early voting with a Million dollar draw per day.

Musk had published an avalanche of messages on X this year that defended Trump’s policies and castigated his opponent, Vice President Kamala Harris.

In October, Musk unveiled the “Cybercab” a $30,000 car with no steering wheel or pedals. The company aims to take on taxis and ride-sharing services like Uber and Lyft by launching autonomous, human-less taxis.

At the October event, Musk said the company would likely have “unsupervised” Model 3 and Model Y self-driving cars available in Texas and California next year.

Google’s Waymo has already beaten Tesla at the punch, unleashing fully autonomous vehicles on the road. In June, the company expanded its self-driving service to all users in San Francisco.

Trump has since chosen Musk and entrepreneur Vivek Ramaswamy, who dropped out of the race for the Republican nomination for the White House in January, to lead the Department of Government Effectiveness. The new agency, called “DOGE,” was pitched to Trump by Musk as a way to cut wasteful government spending.

On Sunday, Ramaswamy said he expects entire federal agencies to be “abolished outright,” as well as massive cuts to federal contractors.

Aside from the potentially smoother approval process, Tesla has already reaped the benefits of Trump’s victory. The stock is up 27.6% since Election Day — and Elon Musk’s net worth has increased by about $40 billion, according to Forbes.

Meanwhile, shares of Uber fell 5.8% and shares of Lyft fell 6.9% on Monday as investors feared Tesla’s car taxis would crush the competition.

Trump’s team is considering Emil Michael, a former Uber executive, for transportation secretary, along with Republican Reps. Sam Graves of Missouri and Garret Graves of Louisiana, sources told Bloomberg.