ARK Invest’s Cathie Wood reiterated her call that Tesla
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stock is worth $2,000 early Wednesday. It’s a huge number, but there’s a problem: Her call hasn’t gone up in nearly a year.
Wood valued Tesla at $2,000 a share in April 2023. That target was up from her 2022 update valuing Tesla stock at about $1,500. The lack of a 2024 target bump is one sign things aren’t going as well as hoped.
Tesla has hit a speed bump. The company delivered about 387,000 vehicles in the first quarter, down almost 9% year over year.
Much of her value is tied up in a coming self-driving Robo taxi business, though many of her estimates are on the high side. She sees Tesla selling about 10 million cars in 2027. Those sales can generate $91 billion in operating profit, according to ARK. Toyota Motor sells about 10 million cars a year. It generated about $30 billion in 2023 operating profit.