Tesla could surge 48% in a bull-case scenario featuring more than 1 million car deliveries by 2022, Wedbush says

Tesla could surge 48% in a bull-case scenario featuring more than 1 million car deliveries by 2022, Wedbush says

Mason Trinca for The Washington Post via Getty Images

Tesla could soar 48% in a bull-case scenario on the company hitting 1 million vehicle deliveries by 2022, Wedbush analyst Daniel Ives said in a recent client note.Ives expects strong demand from China to continue driving delivery growth for Tesla, and estimates that the China growth story for Tesla is worth at least $100 per share, the note said.By the end of the decade, Tesla could approach 5 million deliveries annually if global electric vehicle demand continues at the current pact, according to Ives.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

A continued surge in Tesla's share price is possible in Wedbush's bull-case scenario, according to a Thursday note from analyst Daniel Ives.

Ives increased his price target on Tesla to $950 from $715, and his bull-case scenario price target to $1,250 from $1,000, representing potential upside of 12% and 48% respectively.

Ives, who reiterated his "neutral" stance on Tesla, thinks the electric vehicle manufacturer will deliver 1 million cars in 2022, in part driven by red-hot demand from Chinese consumers for not only the Model 3, but for competing cars from Nio, Xpeng, Li Auto and others, Ives