Tesla Motors Inc shares rose 16% Tuesday after a Wall Street analyst boasted that both auto and electric sectors will go through major overhaul, reported CBCnews. 

Adam Jonas, the analyst from Morgan Stanley, who broke the news to investors in a letter declaring that they will double their shares in the global car market by 2028. 

Jonas also added that Tesla could establish another lucrative business through building energy storing battery packs. Further, Jonas also doubled his target price for Tesla's shares from USD153 to USD320 a piece.

At the close of Tuesday's trading, Tesla's shares increased USD34.65 at USD252.30. The increase continued on early premarket trading last Wednesday that touched USD258.60.

This week, Tesla had also been expected to formally announce its construction of "Gigafactory". The factory would manufacture batteries with Panasonic and other partners. According to a report from CBCnews, the factory would be the biggest lithium-ion battery pack in the US.