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Cathie Wood: Tesla shares will be trading at $2,000 by 2027

Tesla Inc (NASDAQ: TSLA) may have missed Street estimates for revenue and taken a sizable hit to its gross profit margin in the first quarter (source), but none of it is sufficient to turn Cathie Wood any less bullish on this stock.

Wood’s price target for Tesla stock

By 2027, the influential investor sees Tesla shares trading at about $2,000 that would translate to a market cap of over $5.0 trillion for the electric vehicles company.

On CNBC’s “Closing Bell: Overtime”, she dubbed it a positive today that Elon Musk is committed to sales growth.

Each unit now represents the potential for a robo-taxi. The robo-taxi service will be, from a margin point of view, more like a SaaS business. It’s very smart to maximise units because they have so much option value now.

Tesla Inc is the largest holding in Wood’s flagship Ark Innovation Fund. For the year, Tesla stock is still up about 50%.

Tesla is committed to road safety

Earlier this week, Tesla announced another price cut in the United States to maintain demand in the face of a slowing economy. Its deliveries were already at a record 422,875 in Q1 (find out more).

Another reason that Cathie Wood – the Founder of Ark Invest remains bullish on the EV company is because it’s committed to redefining safety for its passengers.

With full self-driving, a Tesla vehicle gets into an accident every 3.2 million miles. That compares to one every 500,000 miles for the average car on the road. It’s going to save lives.

CEO Elon Musk expects Tesla Inc to be mass producing robo-taxis in 2024. Wall Street currently has a consensus “overweight” rating on Tesla shares as well.

The post Cathie Wood: Tesla shares will be trading at $2,000 by 2027 appeared first on Invezz.

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