Electric vehicle (EV) automaker Tesla (TSLA) has had quite the year, and, perhaps unsurprisingly, the year’s not over yet as its stock continues to rise.
Tesla’s (TSLA) stock reached an all-time high on Monday, opening the market at $604.92 and climbing still throughout much of the morning, as reported by CNBC. Loup Ventures’ Gene Munster told CNBC’s “Squawk Box” that the company was likely to hit a $2,500 stock price within 3 years, an ambitious target even for the company’s more bullish supporters.
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Munster said, “Tesla’s story is going to evolve in the months and years to come.” He continued, “Specifically, they’re not going to be a car company. They’re going to take their tech that they’re defining and pioneering with auto and applying it to their own markets.”
When asked what other auto companies might compete with Tesla in the future, Munster was at a loss. He shared that no traditional auto companies would easily compete, as “that ship has sailed for them,” though the most likely companies to compete were Volkswagen and GM.
Munster is right about one thing: the age of traditional petroleum vehicles will likely come to a grinding halt within the next few decades, and automakers should have started shifting towards electric vehicles a decade ago – the same is doubly true for luxury auto brands.
At the time of writing, Tesla’s (TSLA) stock is trading at $627.63, up 4.77% from Friday’s close, with a market cap at $593 billion (that should easily top $600 billion this week we suspect).
