Investing.com – Tesla’s swashbuckling rally is unlikely to slow down anytime soon as easing regulations will boost the electric vehicle maker’s autonomous business, while CEO Elon Musk’s close relationship with President-elect Donald Trump paves the way for further growth in the year next four years paves years, Mizuho (NYSE:) said in a recent statement.

Tesla Inc (NASDAQ:) rose 6% on Monday to close at a new record high.

The “easing of the autonomous driving (AD) regulatory framework provides more upside to FSD/Robotaxi’s valuation,” indicating a favorable environment for Tesla’s expansion into autonomous technology, analysts at Mizuho said in a note on Monday.

Mizuho upgraded Tesla’s rating to “Outperform” and increased his price target to $515 from $230, citing several idiosyncratic tailwinds over the next four years.

Tesla’s Full Self-Driving (FSD) technology could receive Level 4 regulatory approval by 2025, analysts said. This would significantly increase revenue potential, generating around $62 billion in sales by 2030 – a significant increase from less than $1 billion today, they added.

Musk, who campaigned heavily for Trump during the election campaign, is expected to exert influence in the White House, which will benefit Tesla.

The new Trump administration’s policies, including the possible repeal of the consumer electric vehicle tax credit, put Tesla in a favorable position compared to its competitors because of its lower electric vehicle cost structure, the analysts said.

Tesla is expected to grow faster than global light vehicle production with a more profitable electric vehicle roadmap, especially with upcoming models such as the low-cost Model Q and the Cybercab expected in 2026 to 2027, they added.