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Tesla’s (TSLA) percentages are down more than 30% so far in 2024, but Cathie Wood, CEO of Ark Invest, believes that “now is not the time to run for the hills. “In fact, Ark bought the inventory and believes that we may manage to reach a steady $2,000 percent over the next five years, which is an increase of more than 1,000% over existing levels.
“The cars of the long term will be electric,” Wood said in a recent interview with CNBC. “We believe that in five years, 75 to 85% of all sales will be electric. “
And Tesla is just one automaker, Wood told CNBC. It incorporates three technologies: robotics, electrical storage and artificial intelligence.
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Joey Solitro is a freelance money journalist at Kiplinger with more than a decade of experience. A long-time equity analyst, Joey has covered a variety of sectors for media outlets, including The Motley Fool, Buscando Alfa, Market Realist, and TipRanks. Joey holds a bachelor’s degree in Business Administration.