Wedbush Securities raised its price target on Tesla (TSLA, Financials) to $515, with a high estimate of $650, citing significant potential in autonomous driving and artificial intelligence.

The company said faster adoption of Tesla’s full self-driving technology could be enabled by legislative changes implemented under Trump’s presidency.

Wedbush claims that removing federal regulatory barriers would allow Tesla to capitalize on what he believes is a $1 trillion potential in the artificial intelligence and autonomous car markets. Supported by the development of autonomous technologies and the steady recovery of demand in the Chinese market, the company estimates that Tesla’s market value could reach $2 trillion by the end of 2025. Wedbush also noted that the company’s Cybercab project should help increase its value next year.

The research note also emphasized that Wedbush’s updated forecasts exclude any possible impact from Tesla’s humanoid robot company Optimus, which is seen as a big growth driver in the long term.

Tesla is reportedly ready to introduce a new type of car in early 2025 and is targeting a price-conscious market segment. The company has hinted at adopting innovative manufacturing technologies to reduce production costs, potentially portraying the vehicle as a game-changer in electric vehicle affordability. This news has led to speculation about how it will affect Tesla’s competitiveness against other manufacturers and would affect market share.

At the same time, Tesla has officially begun deliveries of the highly anticipated Cybertruck; Early models will hit the market in December. Strong pre-order numbers due to the Cybertruck’s distinctive looks and cutting-edge technologies have caught the attention of analysts in the pickup truck market, which is typically controlled by established companies.

This article first appeared on GuruFocus.