The demand for electric vehicles has been increasing at a robust pace as the world is trying to curb pollution. In addition, Tesla stock price gains are backed by the prospects that the electric vehicle company will deliver 500K vehicles this year despite lockdowns and supply chain disruptions. In a leaked email, the chief executive officer Elon Musk stated to employees that reaching a half-million vehicle deliveries this year would be a big achievement. The news is existing for bulls considering the massive level of disruptions during the first half of the year due to the pandemic. Wedbush Securities analyst Dan Ives said the 500K units target was not even on the map for the bulls six months ago. Tesla stock price rallied close to 430% this year, accelerating the twelve-month gains to 800%. The robust growth in revenues as well as the move towards profitability added to share price gains. It has generated big profits in the past four consecutive quarters. Some market analysts believe the substantial share price rally in the past few quarters has made it’s stock pricey compared to valuations. Meanwhile, bulls expect more gains ahead for Tesla stock price. This is because of strong fundamentals and lower competition level. New Street Research analyst Pierre Ferragu provided a Buy rating with the price target of $578. Its shares are currently trading around $446. Pierre Ferragu says Tesla has a “decade of hyper-growth ahead” and has “no credible competition on the horizon.” It’s also worth to mention that Tesla has been supporting advanced technologies. In August, it has added the Bitcoin selling functionality via the software upgrade to the already installed three ATMs at the Tesla Fremont Gigafactory in Nevada. The ATMs are currently only accessible to Tesla employees.
