Tesla will do in three years what took Porsche a decade to do, an analyst said Monday.

The electric car maker is an "extreme growth story" that cannot be valued in the same way large automakers are, said Evercore ISI analyst George Galliers said in a research note.

Following the buildout of the Model 3, Tesla has the potential to achieve sustainable gross margins comparable to those of high-end German auto brands, while growing more like a rapidly advancing Chinese automaker, he said.

The rates at which Tesla's top-line metrics are growing are unrivaled, Galliers said. Tesla's unit sales grew just over 50 percent last year and automotive revenues rose 70 percent. Tesla CEO Elon Musk has said he expects this rate of growth to continue.