Wedbush Analyst Daniel Ives reveals that Tesla (NASDAQ) unit deliveries have been trending ahead of the Street, based on March quarter demands. Ives thinks China and Europe are at least 15%+ above consensus. Ives indicated that Tesla may be near a 2,000,000 unit exiting 2022 mark if they add this number to U.S. Model Y demands.

According to an analyst, the increase in oil/gas prices due to Russia’s situation with Ukraine has accelerated global EV demand. He also said that Tesla will soon be the market leader in EVs, as many of those buyers are now on the EV-fence.

Ives thinks Tesla stock is “way too oversold”, given the fear-off mindset among tech investors regarding Tesla stock’s price. As investors are able to better understand the implications of Giga Berlin’s launch for Tesla supply this year, and moving forward, he sees a turning point.

Although China is the main growth driver of Tesla’s success, Ives stated that it could be another “breakout” year with a surge in Model Y demand.

An analyst reiterated the Outperform rating for Tesla and a $1,400 price target.

By Lon Juricic