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Cathie Wood is known to be a big Tesla Inc (NASDAQ:TSLA) bull. Now, ARK Investment Management’s Sam Korus, Director of Technology, Autonomous Technology & Robotics, wrote in a note that if the company delivers the Cybertruck with charging power as it disclosed during a recent event, Tesla could reach the EV performance that ARK had projected for 2026 in 2023 — three years ahead of schedule.
Tesla is the second largest holding of the ARK Innovation ETF (NYSE:ARKK) with a weight of 7.94% according to data on the company’s website.
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Korus highlighted last week’s event when Tesla delivered to PepsiCo, Inc. (NASDAQ:PEP) the first of the vehicle in a 100-vehicle fleet of heavy-duty electric semi trucks with a driving range of up to 500 miles.
“Tesla demonstrated that fully loaded, its semi-truck made a 500-mile trip without recharging, thanks in part to its impressive regenerative braking capability. The semi-truck traveled up and down the 4136 ft. Grapevine Mountain, which barely changed the slope of the battery usage curve,” Korus wrote in the note.
Shares of the EV-maker closed 6.37% lower on Monday. Tesla is planning to reduce production at its Shanghai factory, reported Bloomberg, citing people familiar with the matter.
Charging Power: During the semi-truck delivery event, Tesla also disclosed its Cybertruck’s charging power. Korus explained that according to ARK’s research, Wright’s Law can forecast improvements in electric vehicle charging rates. “A useful metric that incorporates the efficiency, range, and power capabilities of battery systems is miles of range added per minute charged. Importantly, both the semi-truck and the Cybertruck use 1 MW chargers,” he said.
Chart using Wright's Law that forecasts improvement in EV charging rates, courtesy ARK
“If it does deliver the Cybertruck with charging power as disclosed at this event, then Tesla could reach the EV performance that ARK had projected for 2026 in 2023, three years ahead of schedule!” Korus stated.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.