Participation in the electric vehicle maker TeslaCredit Suisse elevated the stock to “outperform” on Monday, and the overall market rebounded.

Tesla previously fell almost 20% in January, amid a Nasdaq selling down.

After Elon Musk’s comments on the most recent company news, shares were particularly under stress earnings callTesla would not deliver any new model vehicles to customers in 2022The Cyberbtruck is an experimental pickup.

Musk, however, informed shareholders that Tesla intends to scale production at existing and new plants and allocate resources. developing a humanoid robotDriverless vehicle technology. Musk promises driverless cars, but has not yet delivered a safe “robotaxi” for drivers to use.

Credit Suisse saw an opportunity to buy shares of Tesla and now has a target price of $1,025

Dan Levy, analyst at Tesla, said in Monday’s note that Tesla had surprised the upside in margins. He stated, “Tesla is largely driven by cost savings; we believe that the strong margins can be sustained.” His statement also stated that while legacy OEMs appear to be taking steps toward converting to an EV world and he believes Tesla will continue to lead, he added: “We believe Tesla will remain a leader for the foreseeable future.

The note also said, “Up until now Tesla margins have largely been a function of auto hardware sales, with some modest benefits of software…specifically FSD (Full Self-Drive features). Tesla will see an incremental increase in margins as Tesla unlocks more FSD features, which is likely to happen at a 100% contribution margin.

Musk stated on Twitter this weekend that Tesla will allow FSD licensing to be done by other producers. He did not mention when or whether automakers were interested.

On Monday, other electric vehicle manufacturers also saw a rebound. RivianUp to 12% LucidAround 7% increase The legacy carmakers have significant plans for producing battery-electric vehicles. FordAnd GMShares of, rose each by over 3% between mid-day and Monday.

The International Energy Agency has found that there are approximately 6.7 million electric cars (BEVs), on roads all over the globe by 2020. This includes 1.1 million vehicles in the US.

Last August, President Biden declared that by 2030 half of US cars will be electric.