Tesla Motors, Inc. (NASDAQ: TSLA), Amazon.com, Inc. (NASDAQ: AMZN) – Tesla gets $ 1,250 Bull Case target from Wedbush as EV market remains its world where others ” pay rent ”

Tesla Inc (NASDAQ: TSLA) is still the leader among the electric vehicle pack even as competition in the space intensifies, according to Wedbush Securities.

Tesla analyst: Wedbush analyst Daniel Ives maintained his neutral rating on the automaker and raised the 12-month price target to $ 950 from $ 715. The analyst set a bullish case target of $ 1,250, above the previous target of $ 1,000.

The Tesla thesis: The Elon Musk-led automaker now surpasses the threshold of one million deliveries in 2022 and could approach five million deliveries per year by the end of the decade, if global EV demand maintains the current pace, wrote Ives in a note Thursday.

“We believe globally that electric vehicles, which today represent 3% of global auto sales, could reach 5% by the end of 2021 and 10% by 2025,” he said.

Ives called Tesla’s competitors as Nio Inc (NYSE: NIO), Xpeng Inc (NYSE: XPEV), and Li Auto Inc (NASDAQ: LI) in the key Chinese market as “impressive”.

“There are more than 150 car manufacturers actively looking for the opportunity of electric vehicles in the world, right now in the electric vehicle market, we think this is Tesla’s world and everyone pay rent.

Wedbush expects 40% of Tesla’s overall delivery sales to come from China, followed by Europe and the United States

“We believe China’s growth is worth at least $ 100 a share in a bullish deal for Tesla, as this EV penetration is expected to increase significantly over the next 12-18 months, along with major innovations in the field. batteries from Giga 3. ”

Other bright spots for the Palo Alto, Calif.-Based automaker include a Biden White House and Blue Senate. Democratic control over the Senate is a “game changer,” according to Ives.

See also: Tesla reaches a valuation of 2T $ in 2 years? Here’s what inspires Daniel Ives’ optimistic target

Higher Electric Vehicle Tax Credits and Consumer Incentives Coupled with Government Support Benefit Tesla General Motors Company (NYSE: GM), Amazon.com, Inc (NASDAQ: AMZN) – backed by Rivian and Fisker Inc (NYSE: FSR), according to the analyst.

Tesla Price Action: Tesla shares closed down 1.1% at $ 845 on Thursday and gained 0.35% in the after-hours session.

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