Tesla 'At The Top Of The EV Mountain' - Others Are Just Now Making The Climb, Analyst Says

Tesla Inc.’s (NASDAQ: TSLA) much-awaited Investor Day proved to be a disappointment for most observers.

However, at least one Tesla bull came away from the event optimistic.

Wedbush analyst Dan Ives says Tesla is “at the top of the EV mountain with others now just making the climb.” He also maintained an Outperform rating and $225 price target for Tesla shares.

See Also: Everything You Need To Know About Tesla Stock

Tesla hitting the four-million production milestone speaks to the historical success the company has seen over the past decade, Ives explains.

Three themes from the event:

• New Mexico Gigafactory underlining Tesla’s global scale.
• Introduction of the next-generation platform, with two vehicles based on it.
• Reiteration of long-term goal of 20 million vehicles per year.

“The grand Tesla vision is for the next decade,” Ives said. With the $30,000 vehicle that was widely expected not being announced, there could be a knee-jerk sell-off Thursday, he cautioned.

Tesla is aiming to have 10 models on the road. A new powertrain coming to Tesla will be easier to scale and cheaper to produce, he added. This will set the stage for the sub-$30K vehicle that is likely to be announced in a separate event, most likely in late 2024.

The proposed Gigafactory in Monterrey, Mexico will focus on the next-gen vehicles, where the sub-$30K vehicle will likely be eventually produced, Ives said.

Also, Tom Zhu is clearly being highlighted as playing a major role in the success of Tesla going forward in China and globally, he added.

Price Action: In premarket trading, Tesla shares were slumping 6.21%, to $190.17, according to Benzinga Pro data.

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