Ark Investment Management held an investor webinar on March 9 to highlight some of the companies and themes of the companies in the company’s ETFs.
What Was Said: CEO Cathie Wood has been a vocal bull on Tesla Inc TSLA for years and the company remains the largest holding in the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW.
In the future, the price of electric vehicles could come down with battery costs being lowered. By 2025, electric vehicles could be priced at $18,000 versus comparable gas-powered rivals at $25,000.
See also: Best Auto Manufacturer Stocks
Why It's Important: Demand for electric vehicles is going to explode in unit growth, according to Wood.
“Innovation happening much faster than they expected,” Wood says of gas-powered vehicle manufacturers.
Wood says the companies that catered to shareholders who wanted profits now instead of investing for future growth will be sorry in the future without naming any specific companies. Companies put too much emphasis on a short-term time horizon, according to Wood, instead of focusing on the future.
What’s Next: Ark Funds promises that a new price target update on Tesla is coming in the next few weeks.
Wood has been vocal about Tesla's future plans for autonomous driving and robotaxis, and recently said on Benzinga's "Raz Report" that Ark's "conviction on its autonomous strategy has increased over last few months."
Shares of Tesla were up 20% to $673.58 on Tuesday.
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
An historical technical analysis of TSLA and Cathie Wood's entry were discussed during Wednesday's Get Technical with Neal:
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