Morgan Stanley analyst Adam Jonas and a team at the firm forecasts that electric vehicles will grow to over 520M globally by 2040, adding that any car company or government that seeks aggressive EV penetration must also have a plan for EV infrastructure or be at risk.

Tesla is the OEM making the most substantial investments in its own proprietary EV infrastructure network, said Jonas, who assumes the company will only hold a 6% share of the global EV market in operation by 2040. The analyst, who increased his “Core Tesla” exit EBITDA multiple to 10x from 9x, raised his price target on Tesla shares to $379 from $317 and keeps an Equal Weight rating on the shares.