Amid consistently fruitless predictions over Full Self-Driving and regularly weakening margins, Elon Musk’s Tesla  (TSLA) – Get Free Report has carved out a strong year, especially given the hard bumps the company’s stock had in 2022. Tesla has been making waves throughout 2023, particularly over a series of game-changing announcements of partnerships with a handful of competitors that would grant other automakers access to Tesla’s supercharging network. 

These partnerships, amid the regular growth of the charging network, represent a component of the EV maker’s business that Wedbush analyst Dan Ives thinks has a lot of room to grow. 

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Ives said Aug. 25 that, based on new models and projections conducted by Wedbush, the supercharger network could bring in between $10 billion and $20 billion annually by 2030. 

“To dive deeper into this sum-of-the-parts valuation, we modeled & projected out Tesla’s supercharger network,” Ives said in a post. “Ultimately, we estimate that Tesla’s supercharger business will be roughly 3%-6% of total revenues, translating to a $10 billion – $20 billion business annually by 2030.”

Ives has previously been bullish on the company, raising his price target by $50 to $350 in July. 

“Tesla right now — it’s their world, everyone else is paying rent,” Ives told CNBC July 19. “Relative to scale, relative to what we see on batteries. This is what I view as Apple 2008, 2009, relative to the broader Tesla story.”

This latest projection out of Wedbush is based on a business that is currently in operation. Ark Invest, meanwhile, said in April that Tesla’s robotaxi business could bring in up to $10 trillion in revenue by 2030. Ark said at the time that it expects Tesla to trade at $2,000 per share by 2027. 

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Tesla’s stock, which has slid throughout the month of August, is up 86% for the year so far. It is currently trading at around $230 per share. 

“I have very high confidence in the long-term value of Tesla, I see it, I really see a path to a 10x, maybe call it a 5x increase in the value of the company,” Musk said in July. “Maybe a 10x. Where things go along the way, the trials and tribulations and the mood of the markets, one cannot predict.”

Wedbush did not immediately respond to a request for comment. 

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