Tesla (TSLA) in prime position to further capitalize on EV transformation, claims Wedbush's Ives
Tesla's (NASDAQ: TSLA) sum-of-the-parts story is fully in stride, according to Wedbush analyst Daniel Ives on Friday.
Ives noted the electric vehicle giant's newly released supercharger network OEM deals, energy business, AI-driven autonomous path, unmatched battery ecosystem, and increased production scale/ scope globally as factors "adding to the Tesla golden EV success story."
"Names like GM, Ford, Rivian, Mercedes-Benz, Nissan and Volvo/Polestar have all signed agreements with the EV stalwart, and we expect more names such as Hyundai, Honda/Acura, and other large OEMs with advantageous EV goals in the future to follow suit down this path as Tesla battles it out with the US Government for supercharger dominance," wrote Ives, who has an Outperform rating and $350 price target on the stock.
"Ultimately, we estimate that Tesla's supercharger business will be roughly 3%-6% of total revenues, translating to a $10 billion - $20 billion business by 2030," he added.
Ives believes that with demand holding up globally despite significant price cuts to its models throughout this year, Tesla is in "prime position" to further capitalize on the EV transformation taking place.
By Sam Boughedda