As the House passes new EV credits, Tesla’s stock price target has climbed to a new high.

In a letter to clients late Thursday, Wedbush analyst Daniel Ives boosted his price objective for Tesla (TSLA) shares to $1,400 from $1,000, as the US House of Representatives passed a reconciliation package on Friday that contains EV subsidies for Tesla and other EV producers. The shares of Tesla and other electric vehicle companies climbed on Friday.

Wedbush’s price target, coupled with the top end of Jefferies’ projection, is the highest on Wall Street.

According to Ives, China remains the lynchpin of the broader bull thesis on Tesla. According to Wedbush, China will account for 40% of Tesla deliveries in 2022.

Tesla is currently “on a (approximately) 50k monthly run-rate for China until 2022,” according to Ives.

According to the China Passenger Car Association, Tesla sold 54,391 China-made automobiles in October, including 40,666 for export. Tesla sold 56,006 automobiles in China in September, 3,853 of which were exported. The majority of Tesla’s manufacturing is normally exported in the first two months of the quarter.

Tesla’s sales in China are expected to be worth $400 per share in 2022, according to Wedbush analysts. On Tesla shares, Ives kept his Outperform rating. His bull-case price…