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Tesla (NASDAQ: TSLA) stock is one of the best performers of 2020 amid a stunning 730% run on the back of operational performance and robust electric vehicle outlook.
Several factors, including the 500K delivery target and five consecutive quarterly profits and factories expansion, played a key role in strengthening investor’s sentiments. The inclusion into the S&P 500 index was among the biggest milestones of Tesla in 2020.
Tesla stock could hit $1000
Although Tesla performed significantly well in 2020, expectations for 2021 are significantly high. The market analysts believe Tesla will reach its 2020 delivery target, and it is well set to hit the 1 million deliveries milestone in 2022. Wedbush analyst Dan Ives said:
“Heading into year-end and 2021, we are seeing a major inflection of EV demand globally with our expectations that EV vehicles ramp from 3% of total auto sales today to 10% by 2025. We believe this demand dynamic will disproportionately benefit the clear EV category leader Tesla over the next few years especially in the key China region which we believe could represent 40% of its EV deliveries by 2022 given the current brisk pace of sales.”
Dan Ives has set a $1,000 price target for Tesla stock. Shares of the largest electric vehicle company are currently trading around an all-time high of $694.
Tesla plans to expand its production levels in 2021 significantly. In 2020 it has started to build a Giga factory in Germany, while the company plans to start operations in India in early 2021.
Moreover, Tesla’s Cybertruck will also play an important role. As our research has shown – Cybertruck’s pre-orders surpass Tesla’s total deliveries in the last 2 years.
On top, the market reports are suggesting that electric vehicle demand will pick up in 2021, and in the years ahead. This is because governments all over the world and particularly in China and Europe have aggressively been working on lowering carbon emission.