EV - Tesla Stock up as Cathie Wood Believes They Can Double Market Size With a Less Expensive EV
As of 11:51 AM EDT, Tesla stock was trading at $222.65.
If Elon Musk’s electric vehicle manufacturer created a product that could sell for half the price of its existing offers, according to Cathie Wood and her team at ARK Invest, it could be ten-fold the size of its whole addressable market.
Elon Musk, the CEO of Tesla, mentioned that the company is working on an electric car that will be sold for about a third of what the Model 3 and Model Y cost. This was mentioned during last week’s third-quarter earnings call. The Tesla CEO mentioned last week that the company is working on electric vehicles that will fetch half the cost of Models 3 and Y. This was during the Q3 earnings call.
According to ARK Invest, automobiles priced above $60K only serve about 5% of the whole U.S. automotive market. The market also grows by about 50% when a vehicle’s price falls below $30,000. So, if Tesla made a car that was affordable compared to the Model 3 and Model Y, it would be able to reach a much larger market.
“In our opinion, predictions of falling demand for Tesla automobiles are unfounded,” said Ark Invest. If anything, Tesla’s present pricing points are supply constrained, and a $30,000 car might increase demand ten-fold. If the cyber robotaxi is Tesla’s upcoming model, we wouldn’t be shocked.
Tesla stock and performance outlook
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