This week’s China Passenger Car Association February sales and production figures showed continued strength for Tesla’s Shanghai factory, Piper Sandler analyst Alexander Potter tells investors in a research note. The analyst says he’s also noticed a “general uptick in inbound calls” from investors regarding Tesla’s exposure to geopolitical risks and/or commodity price spikes. Nickel prices are garnering particular attention given their importance in battery manufacturing, but deteriorating U.S.-China relations are potentially more consequential in the long-term, Potter tells investors in a research note. The analyst views Tesla’s China exposure as a “major positive” but admits that if American companies “are eventually used as pawns in a wider geopolitical conflict, then Tesla shareholders would likely suffer.” Potter keeps an Overweight rating on Tesla shares with a $1,350 price target. The stock closed Wednesday up 4% to $858.97.