Tesla shares have jumped nearly 230% so far this year.

Three experts break down what's next.

Dan Ives, managing director of equity research at Wedbush, says one thing matters above the rest.

"What's the fundamental value? If you have a million-mile battery, what does that add to the stock? ... It comes down to scarcity. How do you play the EV market? ... It all comes down to the P word: profitability."

Brian Johnson, senior autos analyst at Barclays, says Tesla could face a make-or-break moment later this year.

"We think the reckoning that there is going to be could be more when we get to the second half and the fourth quarter ... If this were a real growth stock, we'd actually be talking about things like same-country, same-model sales, and so if you back out China from this quarter, back it out from a year-ago quarter, the rest of the world shrunk 28%. Now of course there's Covid, of course there's challenges, but that isn't that different from many of the legacy automakers."

Colin Rusch, managing director and senior research analyst at Oppenheimer, sees major upside ahead.

"We're really going back to our numbers. It's run aggressively past our price target that was $968. We put that in place over a quarter ago, and as we look at what the company has planned out for 2024 and 2025, you know, we see the potential for 50% to 70% upside."

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Tesla stock surges more than 200% in 2020 three experts on what comes next - CNBC