Cathie Wood-led Ark Invest said on Monday a major adoption cycle for electric vehicles would kick in over the next few years when prices drop to $25,000 levels.

What Happened: Ark research analyst Sam Korus said the next adoption cycle could be due to several factors including lower battery costs that would push electric vehicles across various critical points and attract new buyers.

Already, as per Korus, EVs are surpassing traditional s-curve dynamics as the growth in global electric vehicle unit sales has accelerated from 60% in 2013 to an estimated 90% this year.

“In a typical s-curve adoption cycle, the growth of a new technology decelerates as it penetrates its addressable market," the analyst wrote in a note, adding that Apple Inc’s (NASDAQ:AAPL) iPhone has been "a good case in point."

The s-curve is used to plot the beginning, rapid growth, and maturity of a business via an S-shaped curve.

See Also: Climbing Used Car Prices Indicate 'Deflationary Technologies' Could Be Adopted Quicker Than Expected, Says Ark Analyst

Tesla is not alone as legacy automakers such as Ford Motor Co (NYSE:F) have set aside billions to switch to a full electric portfolio over the coming years. 

Price Action: Tesla shares closed 8.49% higher at $1,208.59 a share on Monday.

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