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Asset manager has new share price target for Tesla: $ 3,000 by 2025, Company and Market News and Top Stories




NEW YORK (BLOOMBERG) – Cathie Wood’s Ark Invest Management expects Tesla stock to reach US $ 3,000 (S $ 4,026) by 2025, up from its current price of US $ 655. At that price, the company would be worth nearly US $ 3 trillion, based on the number of shares outstanding.

Ark expects there to be a 50% chance that Tesla will achieve fully autonomous driving within five years, which could allow the company to rapidly scale up its planned robotaxi service, according to a note. from Friday March 19 on Ark’s website.

He also added Tesla’s insurance business to his model, believing the offer could be rolled out in more states over the next few years with above-average margins, thanks to “very detailed driving data. That the company collects.

Ms Wood has been among Tesla’s strongest supporters, owning large shares of the company in its flagship fund. When Tesla’s shares fell in February, it bought more.

Under Ark’s new model, in the best-case scenario Tesla could reach $ 4,000 per share in 2025, and in the bearish case, $ 1,500. The company predicts Tesla’s unit sales will be between 5 million and 10 million vehicles in 2025, assuming increased capital efficiency.

The target of US $ 3,000 is far higher than that of any analyst who covers the company, the highest being US $ 1,200 among estimates compiled by Bloomberg. Fueled by zealous supporters, Tesla shares rose more than 740% last year, the best performance on the S&P 500. Elon Musk, its CEO, became the richest person in the world in January, before Jeff Bezos does not retake the title.

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Analysts have speculated on the prospect that Tesla will launch a robotaxi service since at least 2015, but there is no indication that its technology is on the verge of making that possible anytime soon. Tesla recently told California officials that human drivers will still have to constantly oversee a new city streets feature within its suite of “fully autonomous” features sold as part of its autopilot package.

As for the company’s insurance product, it debuted in August 2019 and is currently only available in California. The Company includes auto insurance revenue in its “services and other” category, as well as after-sales service, used vehicle sales and retail merchandise. Last year, all of these activities combined accounted for around 7% of total revenue.

Ark’s model did not incorporate utility energy storage or Tesla’s solar activity, nor did it take into account future price fluctuations for Tesla’s bitcoin holdings.

Barron’s announced the price target earlier.

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