Tesla (TSLA) bears will just keep hating, no matter what the electric vehicle giant does or how high the stock goes, says one veteran analyst.
"In terms of the haters continuing to hate. They hated at $100. They hate it at $5,500," Ives said. "I think if many of these haters were NFL scouts they probably would've been super negative on Tom Brady coming out of the 2000 draft," said Ives, referring to the star quarterback with 7 Super Bowl rings.
Tesla stock has soared following several recent developments.
This week Tesla announced a pilot program that allows non-Tesla cars to use the company's supercharger EV stations at 10 locations in the Netherlands. The company sees this trial as essential to accelerate mass EV adoption worldwide. For his part, Ives believes the number of EVs will increase dramatically.
"Today in the U.S., 2% of automobiles are EVs. We think that goes to 10% by 2025, 30% by 2030," Ives said.
"EV's, it's not just going to be in California and some other states," Ives said. "I believe this is not just domestically but globally. It's part of just a massive transformation that's just starting to play out."
Ives sees China as the "lynchpin" for Tesla's growth story.
"We're seeing demand outstrip supply pretty significantly," Ives said. "China is the lynchpin to the story. That would be 40% of deliveries going into next year for Tesla."
The company's stock traded higher after its third quarter earnings last month showed record revenue and profit on the heels of record vehicle deliveries worldwide.
And Tesla's market cap shot up above $1 trillion for the first time ever last week after Hertz Global (HTZZ) announced it had ordered 100,000 of its electric vehicles.
However, on Tuesday Tesla shares were down as much as 5.2% after CEO Elon Musk tweeted no contract had been signed with Hertz yet.
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