Dan Ives, a notable analyst at Wedbush Securities, has a $500 price target on Tesla ( TSLA 3.13%) stock -- the highest of any analyst. Why is he so bullish? It all comes down to a $1 trillion opportunity that he thinks should send Tesla's stock price soaring for years to come.

With the ability to cover up to 450 miles on a single charge, the Gravity SUV is expected to function well as a robotaxi, since it will need less downtime for recharging. This way, vehicles will be available for riders more often. Tesla ’s own Model Y is being used as the brand’s robotaxi, but that has nowhere near the range of the Lucid Gravity.

Tesla is slated to report second-quarter results after the market closes on Wednesday, after deliveries fell short of estimates earlier this month.

Tesla ( TSLA) and its high-profile CEO Elon Musk can be polarizing. However, the automaker has achieved things that seemed impossible. It not only broke into the highly mature auto industry, it also helped to create the electric vehicle (EV) market. Could buying EV upstart Lucid ( LCID) set investors up for a similar success story?

Lucid, which has always offered an array of driver-assistance features, is now expanding the suite of driver aids on its models with two new hands-free features. Perhaps it’s surprising that a luxury automaker is offering the tech after mass-market brands like Ford, but better late than never, right?

Shares of Lucid Group (LCID) soared 40% on Thursday morning after the EV maker announced that Uber Technologies (UBER) plans to deploy 20,000 or more of its vehicles on the Uber platform as robotaxis.

Similarly, Lucid's long-term value may be more related to services than manufacturing. Earlier this year, Peter Rawlinson, Lucid's outgoing CEO, stressed that the company's software and technology stack could eventually be licensed to other automakers worldwide. "I'd love it to be 20-80," Rawlinson said. "Twenty percent doing cars, 80% licensing."

Every day the world is approaching the era of the electric vehicles’ dominance. Primacy still belongs to the American company Tesla, which has become a harbinger of a revolution in the transport industry.