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Jefferies told clients in a note on Thursday that Tesla may soon reach four battery breakthroughs, according to Business Insider.

The bank projects that Tesla will reach benchmarks in battery cost, energy density, life expectancy, and a cobalt-free cell layout. Currently, Panasonic and CATL produce Tesla’s battery cells, but as CNBC reported in 2019, Tesla is developing proprietary cell-manufacturing strategies and facilities.

The bank also stated that it sees Tesla’s battery technology, vehicle software, direct-sales model, and vehicle lineup as areas that the company has a clear advantage in. With that, the bank increased its Tesla price target from $650 to $1200, and on Friday Tesla’s share opened at $1000.

Jeffries said, “We see COVID-19 as an accelerator of the transition to EVs and renewables, from consumers and public policy. Tesla remains significantly ahead of peers in product range, capacity, and technology.”

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