The Tesla Inc (NASDAQ: TSLA) share price has gone ballistic in 2023.
Since the opening bell on 3 January, shares in the global electric vehicle and battery manufacturer have soared an eye-popping 165%.
On Friday, Elon Musk's tech company closed the day trading for US$281.38. That gives Tesla a market cap of US$882 billion (AU$1.3 trillion).
The question now is, can the Tesla share price head back over US$300?
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What can investors expect ahead?
Despite the big run higher, a number of analysts remain bullish on the Tesla share price over the year ahead.
Among them, Bank of America analyst John Murphy.
Murphy has a positive outlook on the automotive manufacturing sector more broadly, with vehicle production gaining momentum faster than expected.
Among other automotive stocks, this has seen Murphy lift his target for the Tesla share price from $225 to $300.
On the production front, Tesla produced 479,700 vehicles and delivered 466,140 in the quarter just past. That's a new record high for the EV stock. And with that figure beating consensus estimates, the Tesla share price closed up 7% on the day the company reported its quarterly results.
The record deliveries were spurred by some substantial price cuts across the Tesla lineup. And investors should be aware this came with significant reductions in revenue and margin. If the company needs to push through more price cuts in the year ahead, this could put shares under pressure.
As for tailwinds, Tesla certainly has a good-sized moat. Rivals will have their work cut out for them to keep the company from expanding its already sizeable 20% share of the European EV market. Not to mention its 50% EV share in the American market.
Another emerging trend to keep an eye on that could send the Tesla share price soaring beyond US$300 is the evolution of robotaxis.
Musk has been spruiking the potential of robotaxis, self-driven by Tesla's autonomous vehicle technology, since 2016. But earlier this year he said they could be ready to roll within 12 months.
The idea is that Tesla owners would put their self-driving cars to work as robotaxis whenever they're not required. And the vehicles' owners would split the revenue with Tesla, opening a potentially lucrative new revenue stream for the company.
In fact, RBC recently estimated that robotaxis could represent 70% of Tesla's value.
Tesla share price snapshot
The Tesla share price topped US$407 on 5 November 2021.
While the EV stock has some way to go before retaking those highs, investors who bought shares five years ago will still be sitting on gains of 1,246%.
