Tesla (TSLA) could accelerate to higher highs.
Last trading at $279.02, we’d like to see it closer to $300 this month.
All thanks to strong demand for electric vehicles, and after its key numbers crushed expectations. Just last week, the company said it delivered 466,140 vehicles in the second quarter. In the first quarter, it delivered 423,000. Meanwhile, the Street was only looking for deliveries of 445,000 to 447,000.
“Tesla produced 479,700 units, also a record for any quarter. The gap between production and deliveries is 13,560. That’s a small negative. Still, that gap is smaller than the 17,933 difference between production and sales in the first quarter of 2023,” says Barron’s. Even better, Wedbush analyst Dan Ives now has a buy rating on the stock, with a $300 price target, too.
Plus, there’s a good chance the $876.81 billion company tests $1 trillion shortly.
After all, EV stocks still have plenty of explosive upside potential. For one, there’s no shortage of demand. In fact, according to the International Energy Agency (IEA), 14% of all auto sales were electric in 2022 – a strong uptick from just 4% in 2020. This year, the agency says worldwide EV sales could account for 18% of all autos sold. By 2030, the Biden Administration wants that number closer to 50%, creating a substantial upside opportunity.
In short, the EV boom is far from over, which is great news for TSLA.
