Tesla to Make Around 900k Deliveries in 2021 & 1.3 Million in ’22, Says Wedbush with $1000 TSLA PT

Tesla to Make Around 900k Deliveries in 2021 & 1.3 Million in ’22, Says Wedbush with $1000 TSLA PT

Photo: Luke MacGregor/Bloomberg News

Wedbush Securities believes Tesla (NASDAQ: TSLAcould get close to 900,000 deliveries this year if there is a strong second half and close to 1,300,000 million in 2022. As such, the firm has an Outperform rating on Tesla and price target of $1,000.

Competition in the electric vehicle market continues to grow, and this is just the beginning of a transformation that will reshape the automotive industry for decades to come, says Daniel Ives, an analyst at Wedbush Securities. "With EVs representing 3% of overall autos globally and poised to hit 10% by 2025 there will be much more competition in a massively increasing share of the global auto market," he notes.

Wedbush believes the market opportunities for electric vehicles and the green tidal wave will translate into a total market size of $5 trillion over the next decade, and Tesla will be a "disproportional beneficiary" of the broader consumer adoption towards electric vehicles and autonomous vehicles over the coming years. "We believe the EV market opportunity and green tidal wave will translate into a $5 trillion overall market over the next decade with Tesla a disproportional beneficiary of this broader consumer adoption towards EVs and autonomous over the coming years," Ives writes.

2021 has been a tough year for Tesla and the auto industry as a whole, but the forces that managed to stop Tesla stock from doing well in 2021 may begin to dissipate, Ives said. In the short term, the focus will be on manufacturing. The firm expects Tesla to produce between 860,000 and 900,000 vehicles in 2021. In addition, Ives believes that next year their number will exceed 1 million, as production may increase with the opening of factories in Germany and the United States.

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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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