Tesla (NASDAQ: TSLA) is going to benefit so much from pent-up electric vehicle demand in China that one analyst says his best-case scenario for the stock will see it rocket 70% higher to $3,500 per share from its current price of $2,050. Wedbush analyst Daniel Ives told investors in a note Tesla's recent price cuts coming at a time when demand for its Model 3 was welling up created a "perfect storm of demand" that alone would be worth an additional $400 per share or more being added to the stock price. As a result, he increased his "bull case target" price for Tesla from $2,500 to $3,500 per share. Image source: Tesla. Gigafactory 3 is Tesla's advanced, state-of-the-art facility in Shanghai designed to produce both its Model 3 and Model Y electric motors and battery packs, as well as Tesla's Powerwall and Powerpack energy storage products. The factory is currently dedicated to Model 3 production, but is undergoing a second phase of construction that appears to be nearing completion that will handle production of the Model Y. According to TheFly.com, Ives wrote the factory's demand appears to be suggesting a 150,000 unit run rate for the Model 3 in its very first year of production. He noted the China component of Tesla's electric vehicle growth story could add $35 in earnings per share by 2025 or 2026, compared to prior estimates of $20 to $25 per share. It's the reason he hiked his best-case scenario price target. However, it's notable Ives' primary outlook for Tesla maintains a neutral rating on the stock and a $1,900 price target. Find out why Tesla is one of the 10 best stocks to buy now Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* Tom and David just revealed their ten top stock picks for investors to buy right now. Tesla is on the list -- but there are nine others you may be overlooking. Click here to get access to the full list! *Stock Advisor returns as of August 1, 2020 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.Source