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the percent of overall EVs that ultimately are going to be using the charging stations what they're going to be charging per kilowatt hour and then the important things guys that you know most of the bears will say well today everyone just charges at home or they charge at their office better than planned that may be the best way to describe Tesla and its price as of Wednesday Bush analyst Dan Ies is right on that one he also thinks there's more room for EVs to become the market leader after the company's latest strong Q2 delivery numbers.
Tesla reported a record number deliveries in the second quarter, 466,000, which was more than Wall Street's average estimate of 447,000. Production rose to 479700 units, which I said was proof of better capacity and a healthier macro in a research note. But it's also looking at now down the road, how many are going to be using these charging stations?
And when you look right now, they're going to be the only game in town. That's why you have GM4 and others going toward Tesla. And I think today it's superchargers. Next is going to be batteries and then eventually FSDI. This speaks to our thesis similar to Apple on the services side. This is just the early stages of Musk and Tesla monetizing.
There is reason to fight in the numbers of story of a cloudy background should put the bears back into slumber mode. Dan Ives is a big fan of Tesla which was made clear in the news of its partnership with Ford and GM. In fact, Tesla shares hit a new 8-month high a few days ago, rising 4% to 244.50 after the company said it would open its Supercharger network to General Motors electric vehicles.
This came after a similar announcement for Ford EVS. Wed Bush analyst Dan I've said in a recent note to clients that this was a big chance for Tesla to make money, raising his price target for the company by4 to $300. Are we on the road map of price cuts in ter in terms of Tesla which which Elon Musk is clearly clearly um move to put you know growth ahead of profitability.
Yeah. And I think that's been the right poker move and I think it's paid off significantly especially in China. I think now look 95 96% of those cuts we think are in the rearview mirror and I think you saw maybe some overreaction last week and you definitely seen a rebound as I think more investors are recognizing that but right now margins suffering at the cost of units now I think that drops over the next quarter or two and starts to rebound into next year and that's the yinyang that they're going to strike but ultimately it continues to be Tesla's world and everyone else is paying rent in terms of overall EVs and I think that's becoming clearer and clearer In a note to clients, I've called Tesla a golden EV success story.
He pointed out that more and more companies are joining Tesla's supercharger network and said that we expect more big names like Hyundai, Honda, Acura, and others to do the same. Well, some did. A long line of rival automakers gave up and agreed to join Tesla's network. Ford Motor Company was the first to break with tradition in May and General Motors and Rivian soon followed.
Volvo, Mercedes-Benz, and Nissan were among the first to join. According to a recent note from Dan Ives of Wed Bush, Tesla is set to make up to $20 billion from its recent supercharger deals with Ford, General Motors, and other automakers. It is also worth noting that Tesla is also trying to get a share of the $7.8 billion in US government subsidies for cities that will speed up country's busiest highways.
It's been clear from the Biden administration that Tesla would only be eligible if other automakers were allowed access to its network. Spending on Tesla's Supercharger network has been substantial with charging stations costing a hefty $42,000 per connector. Despite this, a report says that Tesla stations are much more cost effective than the $100,000 to $250,000 per connector that rival stations spend.
So, the stock is up 10% this week, but down 10% over the past month. I'm trying to figure out what the correlation is between it and the NASDAQ because if the NASDAQ keeps having problems and big tech companies in general pull back, I think this stock will too. Don't you think so? Of course. I mean, we continue to see Tesla as a disruptive technology company, not an auto player, right?
We think tech stocks will go through the roof in the second half of the year. I mean, I think the new tech market has already started and I think growth will be even faster than expected. I think we talked to Nvidia about this and they said that's just the beginning of the trillion dollar spending spree that will happen over the next few years across the entire tech ecosystem.
Without a doubt, Tesla Supercharger network is the largest and most reliable in the world. It got a lot of attention earlier this summer when it made deals with several OEMs to let their electric vehicles use the charging infrastructure beginning in the spring of 2024. In a separate note to investors, I told them to learn more about this some of the parts valuation.
access and revenues from other OEMs using stations across the US. In the end, we think that Tesla's Supercharger business will make up about 3 to 6% of total revenues, which will be a 10 to 20 billion business by 2030. Ives wrote in the note that while the Supercharger network opening to OEMs is a big part of Tesla's story, it's only one part.
This means that there are other things going on like good production numbers and a thriving energy business. Autopilot and full self-driving are always getting better, and Tesla's battery ecosystem is unmatched. They've also raised production in scale, all of which have helped the company's finances.
We think Tesla is in a great situation to make even more money off of the shift toward electric vehicles, EVs, that is happening as part of the government's plan to get rid of all carbon emissions by 2050. Ives wrote, "To put it simply, I was a firm believer in Tesla." He even said that Tesla is in a huge position of strength after building its EV castle and is now set to further monetize its success by pointing to the company's growing ability to bring in revenue from sources other than EV sales.
He said that Tesla should get another $3 billion in new revenue from Ford and General Motors EV users. I've said that Tesla agreed earlier this year to add 7,500 Superchargers to its network by 2024, more than doubling its normal capacity of about 5,000 people. He says that the company's growth will speed up because it has more deals with other cars.
Since almost all of Tesla's network is powered by solar panels, the cost of making electricity are very low. Because of this, IV says that the Tesla Supercharger network will be a huge way to make money, making up 3 to 6% of total sales and turning into a $10 billion to 20 billion business by 2030. This means that Tesla's huge business will bring in more than $330 billion by the end of the decade.
This is a big jump from the $94 billion it reported for the previous 12 months a few weeks ago. I've said that Tesla's stock should be bought at his price. At $350 a share, his target is one of the highest on Wall Street. This would mean that he would make about 73 times his total 2024 earnings estimate of $4.80 a share.
39% of analysts who cover the company think that shares are about to go through a pause or pullback, however you choose to describe it. I think that these stocks will go up 60 to 70% for the year. That's our opinion and I think that investors are now looking forward to a cycle that we haven't seen in 30 years.
Of course, rates will be higher than usual. But when I look across the board, I see this as the start of a new tech bull market, not the time to hide because of valuations. I think these stocks will throw into their valuations over the next few years. In a note, I've said that Elon Musk company has shown that it can make money off of key products like its Supercharger network and self-driving tech.
Tesla's stock price is about $250 per share right now, which is $100 less than I price. Tesla bears don't share it as optimism about the stock, which is a surprise since the stock has been going down since the company reported earnings in July. This is mostly because of worries about declining profit margins and ongoing price cuts.
However, the company is still up more than 90% for the year and is just starting to grow. Ives is sure that I've also said that Tesla bears are negative because they only see the company as a car company. He on the other hand is still very optimistic about the company's future because like Kathy with Arc Invest, he sees it as a major player in the tech and AI space.
Bulls have disruptive technology. I've said that's still the big debate around the name. I've always seen them as a tech play and I can argue that the FSD angle makes them one of the best AI plays when you look 3 to 5 years into the future. Tesla as a tech company rather than a car company will make money by selling some very valuable services.
I've said that the company's supercharging network is just the start of making money from this. Ives and his team released new predictions about the Tesla's supercharging network last week. They said that the network could bring in up to $20 billion a year by the end of the decade, which is about 6% of Tesla's total income.
Ives thinks that electric vehicles will make up about 20% of all cars by the end of the decade, up from the current 3% to 4%. This new model is based on the assumption that more people will buy EVs. A lot of things can change. I've said that most charging of the Model 1 happens at home or at work these days.
This is because more EVs are being used for things other than traveling and driving around, and they are also being charged at their own long distances. Make sure to sign up for
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