Tesla stock price has been responding to aggressive growth plans and accelerating electric vehicle demand. Several European countries are planning to ban fossil fuel vehicle production by 2040. China, the largest electric market, also plans to ban fossil fuel vehicles from 2035 due to its lower carbon emissions strategy.
Tesla stock bull case target increased on deliveries
Although Tesla’s stock price rallied more than 720% in the trailing twelve months, the market analysts forecast more upside for the largest electric vehicle giant in 2021. Wedbush Securities has raised its base price target on Tesla from $715 to $950 and provides a new bull case price target of $1,250. The firm expects Tesla to beat its 2022 deliveries target and anticipates 5M deliveries annually by the end of the decade. Tesla has also been investing significantly in growth opportunities, production capacity, and operational performance to meet the demand. The company plans to open new factories in China and the European region to capitalize on demand. It has also recently registered its Indian entity, with a plan to build a research & development base. Related video: Will Tesla Deliver 1 Million Vehicles in 2022? Tesla’s Path to 1,000,000 Vehicles Produced in 1 Year
