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Cathie Wood Says Tesla Could Take 20% or More of the Auto Market in 5 Years

Prattay Mazumdar by Prattay Mazumdar
November 18, 2021
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Cathie Wood, founder of ARK investment management
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Tesla Inc (NASDAQ: TSLA) super bull Cathie Wood in a meeting with Barron’s said on Wednesday heritage automakers don’t have the qualities to become wildly successful in the electric vehicle universe and that the Elon Musk-drove organization could without much of a stretch snatch up to 25% car portion of the overall industry in five years.

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What Happened: Wood, who runs the well-known cash overseeing firm Ark Invest, said General Motors Co (NYSE: GM) and Ford Motor Co (NYSE: F) are saving billions to switchover from customary gas-fueled motors to electric vehicles yet it could be pretty much nothing and past the point of no return for them.

Wood said GM and Ford stocks have liked for this present year as financial backers perceive their endeavor to do the change to electric however EV producing isn’t something the inheritance players are accustomed to doing as they “were brought into the world in the modern, gas-controlled age.”

“Furthermore, the explanation is they don’t have the DNA for this state-of-the-art existence,” Wood told Barron’s.

Wood said Tesla could take the greatest portion of the electric vehicle market and get 20% to 25% portion of the absolute auto market in five years, given the Musk-drove organization is fruitful with independent driving in the United States.

Why It Matters: Ark Invest considers Tesla its biggest holding and possesses shares worth billions in the organization by means of its trade exchanged assets. She has additionally assessed the normal electric-vehicle costs to descend essentially before very long.

“Our most recent reasoning is that continuously 2026, the normal electric vehicle will cost about $15,000.”

While Wood has inclined toward Tesla, the cash supervisor has not unveiled any interest in the as of late recorded electric vehicle creator Rivian Automotive Inc (NASDAQ: RIVN), an organization supported by Amazon.com Inc (NASDAQ: AMZN) and Ford.

Notwithstanding not conveying a solitary vehicle to clients, Rivian has in practically no time snatched a valuation of about $125 billion — a lot higher than GM and Ford’s — after it opened up to the world recently.

Value Action: GM shares, which have risen 59.5% YTD, shut 3.2% higher at $64.61 an offer on Wednesday.

Portage shares, which have risen 134.3% so far this year, shut 0.86% higher at $19.96 an offer. Tesla shares shut 3.25% higher at $1,089 an offer on Wednesday and have risen 49.23% YTD.

Tags: #ELON_MUSKCathie WoodTeslatsla
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Prattay Mazumdar

Prattay Mazumdar

Prattay is a Journalism and mass communication student. He is a deadline-oriented journalist with a passion for telling unique stories. Prattay is currently working as an intern at Techstory and can be reached at prattay@connasys.com .

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