Shares of Tesla (NASDAQ:TSLA) have already soared nearly 500% so far in 2020 but will surge to new all-time highs in the coming year.

That's according to Wedbush analyst Daniel Ives. On Monday, Ives raised his price target on Tesla's stock from $500 to $560 but presented a bull case that envisions the stock more than doubling to $1,000. His new base target represents potential gains for investors of roughly 14% over the stock's closing price on Friday of about $490. It's the bull case, however, that is most intriguing.

An upward arrow formed by fluttering $50 and $100 bills.

Image source: Getty Images.

Ives cited several recent achievements by Tesla, including its inclusion in the S&P 500 Index and the company's "sustained path to profitability" as helping continue Tesla's momentum. He views the bull-story growth through the lens of increasing demand for electric vehicles (EVs) worldwide.

"Overall we are seeing a major inflection of EV demand globally with our expectations that EV vehicles ramp from about 3% of total auto sales today to 10% by 2025," Ives wrote in a note to clients.

Will Tesla's stock price hit $1,000?

Tesla started out 2020 saying it expected to deliver 500,000 vehicles, though it was somewhat hamstrung by the pandemic. The company has delivered roughly 318,000 cars so far this year, so reaching its initial target seems unlikely.

With sales of EVs expected to triple over the next few years, and Tesla the clear market leader in the space, it isn't unthinkable that Tesla will be able to reach that 1 million vehicle-delivery goal over the next several years -- if not sooner.

That said, Tesla already has a significant amount of growth baked into its share price. The stocks valuation clocks in at a lofty 19 when a reasonable price-to-sales ratio is typically between 1 and 2. While it's certainly possible that Tesla's stock price could hit $1,000, I don't expect it to happen in the coming 12 months.