Cathie Wood is known to be a big Tesla Inc 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 ARKK with a weight of 7.94% according to data on the company’s website.
Also Read: Gold IRA Kit
Korus highlighted last week’s event when Tesla delivered to PepsiCo, Inc. 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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.