Cathie Wood Says Tesla Stock Still Has 'Miles to Run'

marketwatch2023-01-04

Many investors have been running away from Tesla stock in recent weeks, worried about disappointing car sales and whether Elon Musk’s decision to buy Twitter has become too distracting...

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XLMM
2023-01-04
XLMM
I hope she is right 😊

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Cathie Wood isn’t one of them.  As          Tesla        (ticker: TSLA) shares have tumbled 55% in the past three months, Wood’s          Ark Innovation Fund        (ARKK) has continued buying          Tesla        stock. The decline in Tesla’s stock price has caused its weighting to fall to 7% of the fund from 10% in October, making it the third-largest weighting after          Zoom Video Communications        (ZM) and          Exact Sciences        (EXAS).  In an interview just before the new year—and before disappointing fourth quarter auto deliveries sent Tesla down 12% on Tuesday—Wood said Tesla, now trading at $108, can rise to $1,500 in the next five years. The stock has “miles to run,” she said. “Miles to run.” Musk’s management of Twitter has been controversial, and Wood thinks that could turn off some car buyers. But those reputational issues are dwarfed by Tesla’s manufacturing, technology and materials advantages, Wood asserted. She thinks Tesla will be able to cut prices on its Model 3 to $25,000 in the next few years, from about $45,000 now, and still make wide profits. Tesla is making much cheaper batteries than other car companies and “that is a huge competitive advantage,” she said. “I think there are people who won’t buy his cars now” following the Twitter takeover, she said. “But if he does what we think he’s going to do on the cost side, there are a lot of people who will use economics as their guide. Better car, better economics. And I think there are a lot more of those people than there are of the naysayers around Twitter.” Wood also expects Tesla to have a fully autonomous taxi available across the country by 2024, and to win “the lion’s share” of that business as competitors roll out more slowly. The taxi business should be much more profitable than Tesla’s core operations are today. “It’s an 80%-plus margin just for robo taxis,” she said. “Combine that with their electric vehicle margins, which are 25-30%, we’ve got a 60%-plus gross margin company. No one’s got that in their models. We do.” After more than quadrupling between March 2020 and February 2021, the ARK Innovation Fund has been falling since. It lost more than 60% of its value in 2022 and underperformed nearly every other fund in its category, according to Morningstar. Nonetheless, Wood said she is undeterred from her strategy of making large bets on a handful of high-growth high-risk companies. It’s a strategy that she said has paid off before—most notably in early 2020 when the fund was similarly concentrated. “We have concentrated towards the highest-conviction names,” she said. “We went from roughly 58 names to 30 names now.” From inception in 2014 through the third quarter of 2022, the Innovation Fund was trailing the          S&P 500        slightly on an annualized basis, 9.67% to 9.74%. Write to Avi Salzman at avi.salzman@barrons.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9950445949,"gmtCreate":1672822556381,"gmtModify":1676538742618,"author":{"id":"4100909250192760","authorId":"4100909250192760","name":"XLMM","avatar":"https://community-static.tradeup.com/news/5fd3a75ea7ccf88aca493e34c270e676","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":1,"crmLevelSwitch":0,"idStr":"4100909250192760","authorIdStr":"4100909250192760"},"htmlText":"I hope she is right 😊","listText":"I hope she is right 😊","text":"I hope she is right 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9950445949","repostId":2300448494,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2300448494"}