On CNBC's "Closing Bell," Ark Investment Management CEO Cathie Wood gave her opinion on Tesla Inc TSLA amid a stark sell-off Monday, as well as in recent weeks.
“Our confidence in Tesla has gone up for a number of reasons,” said Wood, highlighting both Tesla's market share and its progress in the autonomous space.
"It didn't lose share in the EV market when the luxury brands started bringing EVs to the market," said Wood.
She noted by the end of 2018 Ark’s expectation was for Tesla’s market share to decrease as more EVs came out, but it instead increased.
"We believe that Tesla has been staging the movement into autonomy differently," said Wood.
Wood believes there's a misunderstanding as to how Tesla is going to market its autonomy segment. She also spoke about the strength in the company's AI chip and battery technology as to why Ark is still confident in Tesla.
Telsa's stock traded down 5.6% to $563 at publication time.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
