6 months ago
Cathie Wood touts $2,000 Tesla price target as stock craters
Cathie Wood, founder and chief executive of ARK Invest, is standing by her $2,000 a share price target for Tesla Inc. despite the electric-vehicle maker's recent troubles.
Wood discussed her bullish case for Tesla during an interview with CNBC on Wednesday, saying “now is not the time to run for the hills,” even as Tesla shares have fallen more than 30% since the start of 2024.
The company is poised for a turnaround, according to Wood, who estimated that in few years, electric cars and trucks will comprise 80% of all vehicle sales. Wood has been a faithful Tesla bull for years, and once had a price target of $5,000 a share for the stock.
She pegged her bull case to Tesla’s plans to roll out a robo-taxi, which could drive up to $10 trillion in revenue by 2030, she said — adding that the technology could also “save lives.”
