Ark Invest's Cathie Wood said on 'Squawk Box' that demand in China and falling battery costs will continue to boost Tesla's stock.
in its Shanghai factory. Electric vehicles accounted for about 2% of auto sales last year, according to a note from Morgan Stanley's Adam Jonas.
"We are now seeing, and more people now believe, that battery costs are falling at such a rapid rate, that within two years the average electric vehicle from just a sticker price point of view, will drop below the average combustion engine car in price," Wood said. Tesla's climb has been a wild ride in 2020. After beginning the year at around $420 per share, the stock spiked $968 per share in early February before falling back a little to around $800 recently.
Wood credited the stock's success this year to strong profit numbers and the faster than expected opening of Tesla's factory in Shanghai. She said she would not be surprised if Tesla opened another factory in China fairly soon. The stock was up another 4.75% Tuesday morning after getting a pair of price target raises from analysts at Morgan Stanley and Bernstein. Wood said on Twitter last week that theWood said that Ark Invest does sell shares of Tesla periodically because it does not want to hold more than 10% of its portfolio in one stock.
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