Tesla (NASDAQ: TSLA) is expected to deliver about 180,000 vehicles in Q4 to meet its 500,000 delivery target in 2020. Despite the fact that this is a fairly high figure, analysts assume that the plan is feasible and may even be exceeded, which will bring the company's shares even higher price growth.

With strong Chinese market demand, it is likely that Tesla could exceed its annual delivery target, triggering the next rally in the company's stock, Wedbush analyst Dan Ives wrote in a Sunday note to customers. He said this could support the price rise even up to $1,000.

According to Ives, Tesla shares will rise 56% from current levels to $1,000 per share in the optimistic scenario. Ives explained that demand for Tesla in China is still very high. If the same demand persists in December, Tesla may be able to exceed its delivery plan this year.

Ives knows December remains a strong month for Tesla to continue its strong trajectory in China. This could be a watershed moment for the company to reach or exceed its goal of 500,000 units a year, something many Wall Street analysts do not expect.

"We believe the company is tracking to another strong month of December in China which could be the tipping point to get Musk & Co. to hit/exceed its 500k annual delivery target, an achievement not even on the map for the Street going back to the late spring/summer timeframe."

Ives said growth in China is worth at least $100 a share in Tesla's bull scenario, as penetration of such EVs is set to skyrocket over the next 12-18 months.

"The China growth story is worth at least $100 per share in a bull case to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months, along with major battery innovations coming out of Giga 3 and elsewhere throughout the China EV supply chain."

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