This is Why Tesla Could Test $300 a Share this Year

Tesla (TSLA) shareholders are loving the stock these days.

Since early May, the EV stock has exploded from a low about $150 to $258.22. And while it may be overdue for a healthy pullback, it’s showing no signs of cooling. Not only is EV demand still accelerating, but recent auto deals have investors piling into the TSLA stock.

That includes deals with General Motors and Ford, for example.

In May, Ford Motor said it would allow its EV customers to use Tesla’s charging stations starting in 2024. According to the press release, “Ford Motor Company said today it reached an agreement with Tesla Motors that will provide Ford electric vehicle customers access to more than 12,000 Tesla Superchargers across the U.S. and Canada, doubling the number of fast-chargers available to Ford EV customers starting Spring 2024.”

General Motors also announced a similar deal.

“Our vision of the all-electric future means producing millions of world-class EVs across categories and price points, while creating an ecosystem that will accelerate mass EV adoption,” said GM Chair and CEO Mary Barra in a press release. “This collaboration is a key part of our strategy and an important next step in expanding access to fast chargers for our customers. Not only will it help make the transition to electric vehicles more seamless, but it could help move the industry toward a single North American charging standard.”

With that, Wedbush analysts raised their price target on TSLA to $300. The firm estimates that the General Motors and Ford Motor deals could add another $3 billion in revenue in 2024. In addition, as noted by Business Insider, “Piper Sandler predicted Tesla’s charging-network revenue could hit $9.65 billion in 2032, with more than half that coming from other electric vehicle companies.”

But wait, there’s more.

Blink Charging, ChargePoint, and Tritium also said they’ll offer connectors with Tesla’s.